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G-7 Idea for Russian Oil-Price Cap Is Beloved by Economists But Faces a Harsh Reality

  • Yellen and Draghi are fans and pushed to get it in communique
  • There is skepticism of ability to control global oil market
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G-7 Leaders to Explore a Price Cap on Russian Gas

The intellectual thrill of trying to figure out how to cut Russia’s energy revenue has animated the likes of Janet Yellen and Mario Draghi given their background as powerhouses in the field of economics. But politicians are likely to quietly abandon the concept after agreeing to explore it.

At the Group of Seven summit this week in Germany, it was undoubtedly the most-talked about item as leaders scratch their heads on how to punish President Vladimir Putin for his invasion of Ukraine.