Allies of Ukraine want to put a price limit on Russian oil. But there’s a problem: They can’t agree on a number that would actually pile pressure on the Kremlin
. The West’s biggest economies agreed earlier this year to cap the price of Russia’s most valuable export and vowed to hash out the details by early December. The move is aimed at reducing inflows to President Vladimir Putin’s war chest without adding to stress on the global economy by further reducing the supply of energy. But as the deadline approaches, countries are still haggling over where the cap should be set.
“This will help to further reduce Russia’s revenues, while keeping global energy markets stable through continued supplies,” the European Commission has explained. “It will thus also help address inflation and keep energy costs stable at a time when high costs — particularly elevated fuel prices — are a great concern.” Yet actually setting a price has proved tricky.
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