The G-7 Is Considering a Price Cap on Russian Oil. But Energy Analysts Think It's Impossible

Atkinson also highlighted a lack of unity over Russia's invasion of Ukraine given that China and India have failed to explicitly condemn the Kremlin.

"They haven't thought it through, they haven't spoken to India and China … Do we really think they are going to agree to this? And do we really think that Russia will actually accept this and not retaliate? I think this sounds like a very, very good theoretical concept but it is just not going to work in practice."

"The International Group of Protection & Indemnity Clubs in London covers around 95% of the global oil shipping fleet. Western countries could try to impose a price cap by letting buyers keep that insurance, as long as they agree to pay no more than a certain price cap for the Russian oil on board," Galimberti said in a note.

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