Why The U.S. Is Desperate For A Russian Oil Price Cap

The United States is looking to convince major oil importers, including Russia's key buyers these days, China and India, to endorse a plan to cap the price of Russian oil they are buying.  The U.S. and other major developed Western economies are wary of letting international crude oil prices spike later this year when the EU ban on providing insurance and financing for seaborne transportation of Russian oil takes effect in December.    Russia will be effectively shut out of more than 90% of the global oil shipment insurance…