The recent slump in oil prices pushed Russia’s flagship Urals below the $60 price cap imposed on international shipments by the G7 last year. Perhaps this is a reason to celebrate in the G7. Or perhaps it is a good time to take a moment and consider where Urals fell from to reach the cap level. For much of the time since the cap was imposed, Russia’s oil—which does not only include Urals—has been trading above $60. Despite assurances from some of the architects of the cap that it is working and depriving Russia…
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