The Group of Seven (G7) countries launched a new attempt to regain the advantage in the West’s energy confrontation with Russia: imposing a price cap on purchases of Russian oil and oil products, probably to take effect on December 5th. The idea is to allow Russian oil to continue to flow, keeping global markets supplied, but to cut the revenues the Kremlin earns from its oil sales, thereby weakening its economy and war effort. The G7’s move is a recognition that its existing energy sanctions have not worked. These have involved prohibiting most Western firms, counterparties and banks from dealing in Russian oil and oil products. Do you think that this will work against Russia ?

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