What to know about the West's new efforts to slash Russia's oil revenue

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There will be a ban on most Russian oil imports from Europe and a price cap on oil going elsewhere next week. Despite this, Russia could still make money from oil to fund its war in Ukraine.

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Cahill says efforts to get countries outside the G-7 on board with the plans have not been successful, in part because they're wary of the complicated plan. And then there's the question of insurance."Russia started to work on developing its domestic insurance company," he says."It has been in discussion with China and India and other trade partners of having a different insurance that would allow them to continue to import."The G-7 price cap plan depends heavily on documentation and proof about where the oil on a tanker is coming from and how much it costs.

 

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