G7 Price Cap Against Russia

By Sonu

Date: November 6,2022

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The United States and its G7 allies plan to cap prices of Seabourn Russian oil shipments beginning December 5. 

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The idea is to bring a drastic fall in Russia's energy export revenues, 

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But at the same time, ensure that Putin does not stop selling oil to the world. 

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Industry insiders believe that Russia has the ability to keep 80% to 90% of its oil flowing outside the price cap mechanism. 

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Russia is the world's second-largest crude exporter and could wreak havoc in global crude markets.

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