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Friday, July 26, 2024

A price cap on Russian oil aims to starve Putin of cash. But it’s largely been untested. Until now

FRANKFURT, Germany (AP) — For months after Ukraine’s Western allies limited sales of Russian oil to $60 per barrel, the price cap was still largely symbolic. Most of Moscow’s crude — its main moneymaker — cost less than that. But the cap was there in case oil prices rose — and would keep the Kremlin …

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