The seemingly-crazy idea of refusing to insure oil tankers carrying Russian crude unless it's deeply discounted continues to advance. A Treasury official spoke with a Chinese counterpart yesterday and appeared to get some traction. Today's the Treasury's Adeyemo said the next step to pressure Russia on the Ukraine war is imposing the price cap.
Ultimately, such a scheme would certainly strand crude in Russia, leaving less supply for the world. That would inevitably push prices up.
I was ready to forget it altogether but the idea continues to advance.
