, Columnist
It’s Time to Scrap the Russian Oil Price Cap
Restrictions aren’t hitting Russia’s income, but they are raising environmental risks.
Two aging tankers transferring a cargo of Russian oil in the Laconian Gulf, Greece, on Sept. 19.
Photographer: Angus Bennett/BloombergThis article is for subscribers only.
It gives me no pleasure to say this, but it’s time to scrap the Russian oil price cap.
The truth is, it isn’t working, and, worse, by forcing ever more Russian oil onto rusting old tankers that are engaging in inherently risky operations like ship-to-ship transfers, it raises the likelihood of an environmental disaster.