Price cap on Russian Oil Exports - the last resort!

The leaders of the world's wealthiest nations, the G-7, went into what modern motivational speakers call, a brainstorming session, at the weekend in Germany, in order to discuss the global economic outlook, when uncertainty on the same front morphs into frightening forms. On the top of their agenda, among a few more things, was of course, the war in Ukraine and how to corner Russia over it. The main focal point of the summit that started in a lighter vein with a reference to the photo of the Russian strong man's bare-chested horseback, was about the War - its inevitable consequences for the global economy and global food shortages. Of course, they have agreed to tighten the grip on Russia further by more sanctions, perhaps in proportion to the frequency of the missiles that rained down on the cities across Ukraine on Sunday. As far as crude oil market are concerned, one of the measures that was said to have discussed is placing a price cap on Russian oil exports to the Wes