Oil price cap could strike Russia’s war chest — if enforced
By The Associated Press
GARMISCH-PARTENKIRCHEN, Germany (AP) — Leaders of the world’s biggest developed economies are looking for ways to cut off Russian President Vladimir Putin’s oil money, which is helping finance the war against Ukraine. So far, many Western customers are simply shunning Russian oil. But Asian customers are picking up the slack, and Russia is still making money from oil despite selling at a discount as the price of crude has shot up. Members of the Group of Seven developed economies are looking at a price cap for oil that would fight energy inflation while cutting into Kremlin revenue. The big question is, can it be enforced?
