When the U.S. Treasury Secretary proposed capping the price of Russian export oil to curb Moscow’s revenues, oil prices spiked. The reason was that the price cap, aimed at reducing Russia’s means of funding the war in Ukraine, was seen as a risky move that could prompt Russia to respond by suspending oil exports. Indeed, Russia’s reaction was quite predictable: Moscow said it would stop exporting oil to countries that enforce the price cap that was embraced by all members of the G7, including Japan, which was granted an exemption…
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