Untested price cap on Russian oil targets Putin's cash flow faces a challenge

Untested price cap on Russian oil targets Putin's cash flow faces a challenge

Months after Ukraine's Western allies set a $60 per barrel limit on Russian oil sales, the cap, initially symbolic, is now being tested as Russia's benchmark oil prices have exceeded it since mid-July. This is to allow the Kremlin to accumulate substantial funds for its war in Ukraine, despite evidence of traders and shippers circumventing the price limit, marking the first signs of enforcement ten months after the cap was imposed in December.

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