Washington’s Oil Price Cap Won’t Work—And Putin Knows It

Harry Broadman writes about the US-led price cap on Russian oil exports. He explains that the US and its allies should pursue a strategy that is more effective, explainable, and promising. He discusses lessons from the history of applying economic sanctions; command-and-control versus market-reinforcing energy market regulations; and how the design and application of oil and natural gas pricing initiatives must consider the cross-sectoral impacts on pollution and sustainability more generally.

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