A ‘Price Cap’ on Russian Oil — What Would That Mean?

Since the US and its allies decided to stop buying Russia’s oil, there’s been little sign that the measure is inflicting the kind of pain that might force President Vladimir Putin to rethink his war in Ukraine. Plenty of other countries are still buying Russian crude, and a surge in prices has softened the blow from the sanctions by bringing Moscow enough revenue to stave off economic collapse. So the US is pushing a new idea: make Russia sell its oil so cheaply that it can no longer afford to w

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