Russian President Vladimir Putin speaks during the Powerful Ideas For New Times Forum on July 20, 2022, in Moscow, Russia. Getty Images. A price cap could also have the unintended effect of making ...

A crude oil terminal in Russia. A proposed price cap on Russian oil would essentially be an exception to Western sanctions, allowing the oil to be sold at or below a fixed price.

The proponents of the price cap argue that Russia will have no choice but to comply with the price caps because of that 90% of the insurance market and because of the “broad coalition”.

They say those nations will use the cap to negotiate lower prices for Russian oil, which would still cut into Russia’s revenue. U.S. officials have also been debating a more hard-line option: ...