The chances of a G7 price cap on Russian oil being remotely effective are perhaps best summed up by a recent tweet from a Bloomberg energy and commodities columnist: “My friends and I have agreed to impose a price cap on our local pub's beer. Mind we actually do not plan to drink any beer there. The pub's owner says he won't sell beer to anyone observing the cap, so other patrons, who drink a lot there, say they aren't joining the cap. Success.” First floated by U.S. Treasury Secretary Janet Yellen, the idea of capping Russian crude oil exports had a dual aim: keeping Russian oil flowing abroad, which would set a ... (full story)