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Can the West enforce a global price cap on Russian oil?

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Listen: Can the West enforce a global price cap on Russian oil?

As Russia continues its invasion of Ukraine, the Biden administration is contemplating ways to starve the Russian economy of revenues, the bulk of which come from Russian oil and energy exports.

As part of that effort, the US Treasury Department has been lobbying European and Asian leaders to support a price cap on Russian oil. Details of how that would be structured and enforced have been scant, but the idea is that a price cap would allow Russian crude supplies to continue to flow to the global marketplace but at a low enough price that Russia would not reap any benefits.

Senior editor Jasmin Melvin asked several oil market experts to weigh in on one question: Can the West enforce a global price cap on Russian oil, and will it result in lower prices?

We heard from:

  • Helima Croft, head of commodities strategy at RBC Capital Markets (2:29)
  • Kevin Book, managing director at ClearView Energy Partners (3:40)
  • Giovanni Staunovo, commodity strategist at UBS (5:00)
  • Christof Rühl, senior research fellow at Columbia University's Center on Global Energy Policy (6:37)
  • Brenda Shaffer, senior energy adviser at the Foundation for Defense of Democracies (10:24)
  • Ben Cahill, senior fellow at the Center for Strategic and International Studies (12:43)
  • Paul Sheldon, chief geopolitical adviser for Platts Analytics (14:03)

Stay tuned after the interview for a special message from Capitol Crude host Meghan Gordon, and for the Market Minute with Starr Spencer.

Related content:

US' Yellen presses key Asian importers to support price cap on Russian oil (premium content)

US, EU could waive some Russia sanctions if oil price cap approved: Yellen

Energy, policy experts float alternative approaches to energy sanctions on Russia

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