Skip to content
Opinion
The Editors

Capping Russian Oil Prices Is Worth Trying

China and India won’t sign up, but the G-7 proposal might limit the Kremlin’s revenue anyway.

Crude behavior.

Crude behavior.

Photographer: Andrey Rudakov/Bloomberg

A proposal by the Group of Seven to impose a price cap on purchases of Russian oil is so neat that it’s been derided as an academic parlor game. Can the world’s wealthiest countries really reduce Moscow’s revenue while keeping crude flowing into global markets?

As it happens, the answer is probably yes. The plan has plenty of flaws, but it’s the world’s least-bad option for curtailing Russian President Vladimir’s Putin ability to wield energy as a weapon.