WASHINGTON ¨C When U.S. officials first floated the idea of capping Russian oil export prices in response to a planned European embargo in March, they pledged to squeeze revenues to Russia¡¯s war machine, while avoiding a devastating oil price spike.
But keeping Russian oil on the market and global prices low soon became the bigger priority as oil prices jumped, people familiar with the mechanism¡¯s evolution and energy analysts said.
The $60-per-barrel price limit on seaborne crude imposed by G7 democracies and Australia on Monday bears that out, lining up with current market prices.
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