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

By DAVID McHUGH
AP Business Writer

FRANKFURT, Germany (AP) — Prices for Russian oil have risen well above a price cap imposed by Western allies as part of sanctions over the invasion of Ukraine. And that is putting the cap to its first serious test. The idea is to limit President Vladimir Putin’s earnings from oil by barring Western insurers and shippers from handling oil above $60 per barrel. But some traders and shippers are finding ways around the restrictions. And Russia’s profits have risen even before the Israel-Hamas war pushed up global oil prices. The first signs of enforcement are appearing 10 months after the price cap was imposed, but sanctions advocates say the crackdown needs to go further to really hurt Russia.

Article Topic Follows: AP National

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