Ukraine’s allies are letting Russia off the hook

Ukraine’s allies are letting Russia off the hook

For months, energy analysts have been fretting about what might happen on Dec. 5, when two things were due to occur. First, a European ban on seaborne imports of Russian oil would go into effect. Second, the world’s advanced economies would impose a price cap on Russian oil.

December 5 has arrived, and … nothing much has changed. That’s good news for oil purchasers, since markets are not registering any unusual concern about supply disruptions. But business-as-usual in energy markets…


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