There's a big global sale on Russian oil right now if you're able to buy — with prices at least $30 less per barrel than European Brent crude, according to some estimates. (Russia is keeping a tight lid on price information.)
Why it matters: Yes, the sanctions against Russia were swift and severe, but all this time Russia has been selling a whole lot of oil. The country has been able to offset a decline in oil sales to the West by increasing its sales to Asia.
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It's unclear what the cap would mean for oil prices. Edward Fishman, who worked on sanctions policy during the Obama administration and cowrote the Foreign Affairs column, tells Axios he believes Russia would continue to sell at the lower price — and that would bring down prices.
"There's a lot to love about it in theory," he says.
Read the full story and more from Axios.
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Edward Fishman