G7 Price Cap Plan Against Russia Doomed to Fail


United States and its G7 allies plan to cap prices of sea-borne Russian oil shipments beginning December 5. Russian President Vladimir Putin has vowed to cut exports to countries that participate in the cap. India and China – perhaps the biggest buyers of Russian oil are not onboard the price cap mechanism. OPEC+ is not happy with the price cap mechanism that targets Russian oil but puts the global oil market in peril.


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