Oil Merchants Troubled by Trade Norms That Don’t Fit the Cap
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The oil price cap that the Group of Seven nations imposed on Russia may finally be in place, but it’s yet to convince one vital group of people: the traders who can help get the supplies onto the global market.
From Dec. 5, any company wanting to access G-7 services -- particularly European insurance and ships -- to move Russian oil can only do so if they pay $60 a barrel or less for the cargo. The initiative is aimed at punishing the Kremlin for the Ukraine war by curbing oil revenue while maintaining exports.