How Effectively Can Russia Bypass The G7’s New Oil Price Cap?

The imposition of a price cap on oil from Russia – being finalised last week by senior officials from the G7 governments in Washington - is an even trickier matter in current oil market and geopolitical circumstances than it usually is. The unofficial oil price range of US$40-75 per barrel of Brent (pb) in place for the vast majority of former U.S. President Donald Trump’s tenure in office was managed through a combination of threats (of the withdrawal of the U.S. military from Saudi Arabia, and the passing of ‘NOPEC’ legislation,…