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Opinion

China and India should reject West's Russia oil-price cap plan

Latest sanction effort likely to backfire and cause market turmoil

| China
An oil platform at the Kravtsovskoye oilfield in the Baltic Sea, Russia, in September 2021: China and India helped prevent a major squeeze on global supplies and took some heat out of price pressures.   © Reuters

Vandana Hari is founder of Vanda Insights, a Singapore-based global energy market intelligence provider.

In another misguided attempt to starve the Kremlin of funds to continue its war in Ukraine, Western allies are seeking to form a global buyers' cartel that would impose a ceiling on the price Russia gets for its crude oil in overseas markets.

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