Commentary: The G-7′s price cap gamble on Russian oil is an untested idea

The United States and its allies in Europe have spent the last 10 months turning the screws on the Russian economy in retaliation for Vladimir Putin’s war on Ukraine. The Western coalition blocked Russia from accessing around half of its more than $600 billion in foreign reserves, disconnected multiple Russian banks from the global financial system, diversified away from Russian natural gas and banned the import of Russian coal.

Now, Russian crude oil is being targeted. For the foreseeable future, the European Union, still the biggest buyer of Russian oil, will cease looking