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Does the Price Cap on Russian Oil Matter?

In early December, the G7 and EU countries, plus Australia, put a cap on the price at which they would allow sales of Russian exported crude. The cap is $60/bbl with various modifications and adjustments. The rationale for the price cap is that with world oil prices ranging between about $70 and $80 the cap will reduce Russiaโ€™s income for fighting the war in Ukraine but will be enough above Russiaโ€™s cost of production to allow enough incentive to keep Russian supplies producing and entering ...
United Kingdom Daniel Yergin Janet Yellen Janet Land Vladimir Putin Getty Vladimir Putin

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