Washington has reportedly been forced to pursue more “loosely policed” market controls
President Joe Biden’s administration has reportedly been forced back to the drawing board on its plan to cap international prices for Russian oil, having failed to secure enough commitments to control how much Moscow is paid for the bulk of its crude exports.
The US and the European Union will likely have to settle for a “loosely policed” pricing cap, enforced by fewer buyers and at a higher price than envisioned, Bloomberg News reported on Wednesday, citing unidentified people familiar with the plans. The original goal was to drastically reduce Russia’s oil revenue – the latest effort to punish Moscow for its military offensive in Ukraine – by imposing a strict price lid to which a broad “buyer’s cartel” of nations would adhere.
Instead, only G7 nations and Australia have committed to honoring the price cap, Bloomberg said, attributing failure…
