On 5 September, the Washington Post published an opinion piece saying that sanctions on Russia have a major weakness: Oil exports from Russia have continued, with Moscow earning $74 billion from them through July. This is one reason the ruble has actually appreciated since the invasion began. It says that the situation calls for an innovative plan, and the G7 has agreed on one: a proposal, long advocated by the US Treasury Secretary, whereby the US and other backers of Ukraine would impose a maximum price on Russian oil through a kind of buyers’ cartel. The key is to exploit British and European firms’ domination of insurance, which global oil shipments depends on, by denying those services to any Russian tankers carrying crude priced above the cap.
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