Mapping Faultlines: Did capping Russian oil prices have no immediate impact?

NewsClick’s Prabir Purkayastha analyzes the impact of the G7 and EU price caps on Russian crude exports. He talks about whether it has been effective and what it means for the rest of the world

December 12, 2022 by Newsclick

In this episode of Mapping Faultlines, Newsclick’s Prabir Purkayastha analyzes the cap placed on Russian oil exports by EU, G7 countries, and Australia. The price cap came into effect almost a week ago. Any country purchasing Russian oil via sea using tankers, credit institutions, or insurance companies based in G7 or EU countries cannot pay more than $60/barrel to Russia. This is yet another move meant to squeeze the Russian economy, but will it have the desired impact?