The $60 per barrel price cap for seaborne shipments of Russian crude oil set on December 5, 2022, was another recent step taken by the American-led Western alliance to hinder Moscow’s energy exports, the most vital sector of its economy. G7 countries plus Australia moved to ban the use of Western-supplied maritime insurance and other financial services for Russian ships transporting oil priced above the $60 cap.
U.S. Treasury Secretary Janet Yellen has touted the success of this policy at ensuring Moscow receives less money for shipments of its all-important oil exports. The subsequent result has been an almost 50 […]
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