The US and its allies want to put a cap on Russia’s oil prices between $40 and $60 a barrel. Allies have been devising ways to diminish Russia’s oil revenues while minimizing the impact on their economies. The issue was raised before the G-7 summit and became a part of its agenda. However, the energy market suffers from acute supply shortages, and such harsh conditions roadblock establishing limits. Notably, Moscow is selling crude at lower-than-market prices. There are few countries left willing to trade with Russia. India and China are taking advantage of the situation, buying large volumes of discounted Russian crude. According to Russia’s Ministry of Finance, a barrel of Urals crude cost $84.68. Meanwhile, sellers slashed the price to $50.
