Fears grow as Russian oil price cap looms
Worries over unintended consequences of interference in traded markets increase as December nears
The G7’s proposed price cap on Russian oil may have been endorsed by the EU in early October, but that does not mean that, as its 5 December proposed date gets closer, there are still no doubts about its efficacy and worries around potential unintended consequences. The idea envisages a comprehensive prohibition of services in trade and transport of Russian oil unless the oil and products were purchased at or below a price determined by a broad coalition of countries that intend to implement the cap, says Edward Bell, senior director for market economics at bank Emirates NBD. “Oil markets are watching closely for how a price cap on Russian oil will be implemented by G7 nations,” he warns. Wh
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