China and India hold the key to the success, or failure, of a price cap on Russian oil proposed by the G7. Asia’s largest oil consumers are expected to buy even more cheap Russian crude if the US-led coalition’s attempt to starve President Vladimir Putin of oil earnings to fund its war in Ukraine plays out. But the market remains divided over whether the latest efforts to hurt Russia financially will fall flat or even backfire, accelerating a potential global recession. Far from expecting China and India to join the G7 price cap alliance, the US hopes the price cap will expand the discount for Russian crudes on the global market giving Asian refiners additional leverage to negotiate down prices in supply talks with Russia. Cheapening the value of Russia’s oil exports rather than stemming their flow to world markets has become the West’s key priority. Russian crude exports […]