Problems Mount for Group of Seven’s Price Cap on Russian Oil
Moscow has dramatically reduced its need for Western ships or services by building up a shadow fleet of tankers.
The Reliance Industries Ltd. oil refinery in Jamnagar is just one of the Indian plants processing Russian crude.
Photographer: Dhiraj Singh/BloombergWelcome to Energy Daily, our guide to the energy and commodities markets powering the global economy. Today, oil strategist Julian Lee looks at the difficulties facing the Group of Seven’s price cap on Russian oil exports. The Zero podcast talks with the head of the bank financing Africa’s climate adaptation. To get this newsletter sent to your inbox, sign up here.
The price cap imposed on Russia’s oil exports by the Group of Seven nations and their allies is running into trouble again.