• Cap will have to adapt to market prices and be set below market but at level Russia would still want to sell
• Eigth round of sanctions adds oil cap for transport servies on top of bank ing and insurance
• 27 EU countries will need unanimous decision to approve price-setting mechanism under the cap once tha’s clear within the G7

December 5 is two months away but purchases for oil are starting now so time is tighter than it seems. Notably, there are countries in Europe that still think the ban is the way to go and don’t want any Russian oil in Europe at any price.

Yesterday, Russia’s Novak said it could temporarily stop some export barrels if/when the price cap goes into effect.