As the G7's closely-watched price caps for buying Russian crude and oil products come into effect, uncertainties over the implementation and potential circumvention of the measures continue to cloud the likely market impact on Russian oil flows.
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Register NowThe G7 price cap takes effect at the same time as the EU's embargo on seaborne Russian crude imports and, together, the curbs are expected to trigger further upheaval in global oil flows while curtailing Russian output.
While key importers China and India are not joining the cap, the US hopes the move will allow Asian refiners to negotiate steeper discounts for Russia's oil and limit any supply loss to the market.
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