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

Latest sanction effort likely to backfire and cause market turmoil

Vandana Hari

August 1, 2022 05:00 JST

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.