Russia Takes Cautious Approach To Oil Price Cap

The price cap on Russian oil exports that went into effect last week to much anxiety about a possible cut in shipments has so far not elicited any dramatic response in the form of export curbs. On the contrary, Russia is reportedly considering quite a mild response to the sanction action, per Bloomberg. Citing unnamed sources familiar with the matter, Bloomberg reported that the Kremlin’s reaction will be a decree by President Putin that will not include a floor price for the crude or a ban on shipments to specific countries. What the decree…