-
Architect of Russia Oil-Price Cap Says There’s a Fix for Weakening Program
One of the original architects of a plan to limit Russia’s oil profits proposed steps to fix the faltering program. Ben Harris, a former senior official at the US Treasury who helped design the oil-price cap, said the Group of Seven nations and European Union need to crack down on Russia’s evasion of the limit and raise the price level, making it a painful but tolerable-enough option for Moscow. “If you’re going to commit to at least a moderate level of enforcement, then you have to commit to a high enough level of the price so that Russia doesn’t shut in the oil or look for alternative avenues for ... (full story)