Since the US and its allies began to shun Russia’s oil, there’s been little sign that the measures are inflicting the kind of pain that might force President Vladimir Putin to rethink his war in Ukraine. Other countries including China and India are still buying Russian energy, and a surge in prices has softened the blow from the sanctions. So Putin’s adversaries were weighing a new idea: make Russia sell its oil so cheaply that it can no longer afford to wage war. The move, while hard to execute, would also help a global economy struggling with higher energy prices that have fueled inflation.
A ‘Price Cap’ on Russian Oil — What Would That Mean?
July 19, 2022