In reality, there is a strong chance that the price cap would send oil prices soaring, with the risk that Russia retaliates by halting energy exports altogether.
- Sep 15, 2022, 9:00 AM CDT
For weeks now, the G7 has been discussing exempting Russian oil from the maritime insurance and financing ban only if that oil is sold at or below a certain price that the group has yet to agree to. Russia will continue selling its oil to Asian buyers such as India and China using non-Western fleets of tankers and maritime services while choking supply to the West. Russia is also expected to increase its covert oil exports, taking a leaf out of Iran's playbook of below-the-radar exports by switching off transponders and/or hiding the origin of the oil, analysts say.
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