G7 Abandons Regular Russian Oil Cap Reviews Amid Soaring Prices

The G7 and its allies have halted regular reviews of the Russian oil price cap scheme, despite most Russian crude trading above the limit due to a surge in global crude prices. Russian producers have found ways to sell oil using fewer Western ships and insurance services, making it difficult for the West to enforce the existing price cap. The G7 has not reviewed the cap since March, and there are no immediate plans to adjust the scheme. The cap was implemented to cut Moscow's revenues amid its conflict with Ukraine while avoiding market disruptions caused by an EU ban on Russian oil.