For months after Ukraine's Western allies limited sales of Russian oil to $60 per barrel, the price cap was still largely symbolic. That time has now come, putting the price cap to its most serious test so far and underlining its weaknesses. But most of that, economists say, stems from Europe's ban on Russian oil, which cost Moscow its main customer. The U.K. Treasury says it is "actively undertaking a number of investigations into suspected breaches of the oil price cap." "And there's a reason why the shippers haven't really complained or haven't flagged any issues with the oil price cap — because it's very easily circumvented."

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Persons: —, Hilgenstock, P Global Platts, It's, Benjamin Hilgenstock, Vladimir Putin, They're, Viktor Katona, haven't, Alexander Novak, Putin, Novak, Europe —, Craig Kennedy, doesn't, Nataliia Shapoval, Shapoval Organizations: Salym Petroleum, U.S . Treasury Department, Stanford University, Research, Energy, Clean, P Global, Kyiv School of Economics, International Monetary Fund, Russia, U.S . Treasury, United Arab Emirates, Treasury, Radio Business, Harvard's Davis Center for Russian, Studies, Kyiv, Stanford, Tanker Locations: Salym, Russia, Ukraine, Israel, U.S, Moscow, Helsinki, Saudi Arabia, Ukrainian, Europe, Kozmino, Turkey, India, Russian, Asia