Biden Team Reworks Plan for Russia Oil-Price Cap as Markets Sour
- Price cap level trending higher than initial US plans
- Many countries have refrained from committing to cap
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US officials have been forced to scale back a plan to impose a cap on Russian oil prices, following skepticism by investors and growing risk in financial markets brought on by crude volatility and central bank efforts to tame inflation.
Instead of strangling the Kremlin’s oil revenues by imposing a strict lid on prices that would have been observed by a broad “buyer’s cartel” of nations, the US and European Union are likely to settle for a more loosely policed cap at a higher price than once envisioned, with just Group of Seven nations and Australia committed to abide by it, according to people familiar with the matter.