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Russia’s response to the oil price cap

with Tatiana Orlova and Gabriel Sterne | Online | January 13, 2023

Russia’s initial response to the EU embargo and the EU-G7 oil price cap suggests that it seeks to avoid further damage to its oil output and exports in the current circumstances. Global oil prices have barely responded to early signs of a collapse in Russian crude exports. Perhaps the worrying supply signals have been offset by weakening global demand.