Russia's Revenue Choked by Untested Oil Price Cap

The Group of 7 leaders have successfully implemented a price cap on Russian oil exports, forcing Moscow to sell its oil for less than other major producers. This has led to a drop in Russia's oil revenues, which is starting to hamper its war effort. The cap has also benefited emerging market and lower-income countries that import oil from Russia. However, some analysts doubt the plan is working nearly as well as administration officials claim, at least when it comes to revenues.