Few days ago, finance ministers from the 7 countries (Canada, France, UK, Japan, US, Germany & Italy) agreed to set a ceiling on Russian oil prices. Yet, China & India, the largest buyers of Russian oil, continue to purchase Russian oil at a discounted price.
Despite Russia's falling oil export volumes, its June export revenue increased by $700M from May due to prices pushed higher by its war in Ukraine.
So, what price cap is G7 talking about? Nothing more than bravado, I say!
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Link to articles:
Oil market unconvinced by Russian oil price cap proposal:
https://www.spglobal.com/commodityins....
Russia's Oil and Gas Revenue Windfall:
https://www.reuters.com/markets/europ...
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