Price Cap Has Fallen Short of Its Potential Despite Costing Russia $36 Billion

A year after the G7 price cap on Russian crude oil was introduced, the measure has managed to curtail some of Moscow’s export revenues but has “failed to live up to its potential,” the Centre for Research on Energy and Clean Air (CREA) said in a new report on Tuesday.  The U.S. has been leading the efforts of the G7 and the EU to impose sanctions and embargoes on Russian crude oil and fuel exports. The price cap of $60 per barrel of Russian crude oil says that Russian crude shipments to third countries can use Western insurance…