The European Union’s ban on seaborne imports of Russian crude goes into effect on Monday. As of Thursday, the G-7 and EU price caps meant to complement that ban had still not been finalized.
Western sanctions are designed to curb Russian profits while simultaneously keeping global markets supplied with petroleum.
On paper, what has transpired to date looks like a convoluted, naively designed and messy fiasco. In practice, the plan might work, at least partially — though not the way you’d think...