Assessing the Russian Oil Price Cap Progress.

The G7's policy to cap the price of Russian oil has been successful in restricting Russia's oil revenues while maintaining the supply of Russian oil, making it harder for Russia to fund its war in Ukraine while keeping energy costs down for consumers and businesses around the world. The price cap policy works by allowing companies based in Coalition countries to continue providing maritime services for the transport of Russian oil only if that oil is sold at or below the price cap level. Despite selling a consistent volume of oil, Russia makes far less revenue on each barrel because its oil now trades at a significant discount relative to Brent crude, the global benchmark oil price.