The United States has a new plan to curb Russia’s oil revenue. The U.S. is in talks with European allies over a potential price cap on Russian crude. The goal is to keep Russian oil flowing while limiting Moscow’s energy revenues. The U.S. is discussing with its European allies a price cap on Russian oil. The goal is to keep Russian oil flowing into international markets but curb budget revenues from it to discourage Russia from continuing the war in Ukraine. Theoretically. The situation is not dissimilar to wanting to eat your cake and have it, too. On the one hand, both the U.S. and Europe, suffering the most severe consequences of sanction action so far, are aware that banning Russian oil from international markets would hurt them even more. On the other hand, paying for Russian oil at market prices is not a palatable option because oil—and gas—export […]