G7's Oil Price Cap For Russia: Easier Said Than Done

The idea of putting a price cap on Russian oil exports in order to keep the oil flowing but reduce the Kremlin's revenues from it might sound rather exotic at first glance—but the idea has been around for a few weeks now. It did just get a major push at the G7 meeting that began last weekend, but the challenges to its implementation are quite substantial. An oil price cap for Russian crude was first floated during talks between U.S. Treasury Secretary Janet Yellen and EU officials on finding a solution for the inflation problem while limiting…