Russia Could Largely Avoid The Oil Price Cap

Russia could largely evade the planned price cap on its oil because it will likely have access to enough own tankers and transport and insurance services to ship its oil, a U.S. Treasury official and industry representatives have told Reuters.   There have been estimates that Russia could continue to ship 80-90% of its oil outside the price cap regime, and those estimates “are not unreasonable,” the unnamed U.S. official told Reuters.      Therefore, only up to 2 million bpd of Russian crude and refined petroleum…