Oil merchants troubled by trading norms that don’t fit price cap
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.
