Russia’s seaborne crude exports plunged last week, but the drop probably doesn’t indicate that sanctions are starting to bite. Flows from Russian ports were down week-on-week by 20%, falling to their lowest level since the week ended March 25. They are expected to bounce back though, with the dip most likely due to maintenance work at the key Baltic port of Primorsk, or the pipeline serving it. Leaders of the G7 group of the world’s largest advanced economies are meeting in Germany to discuss, among other things, the idea of imposing a price cap on Russia’s oil exports to reduce the flow of funds to the Kremlin after its troops invaded Ukraine four months ago, while allowing the oil to keep flowing. It’s far from clear how such a mechanism could be made […]