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 last Monday, 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 Kremlin for the Ukraine war by curbing oil revenue while maintaining exports.
