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Price cap on Russian oil is experimental, but Russia won’t get away unscathed, Northeastern expert says

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(AP Photo, File)
FILE - An oil tanker is moored at the Sheskharis complex, part of Chernomortransneft JSC, a subsidiary of Transneft PJSC, in Novorossiysk, Russia, on Oct. 11, 2022, one of the largest facilities for oil and petroleum products in southern Russia. Oil prices rose Monday Dec. 5, 2022 as the first strong measures to limit Russia's oil profits over the war in Ukraine took effect, bringing with them uncertainty about how much crude could be lost to the global economy through the new sanctions or Russian retaliation.

The price cap imposed by the European Union, the Group of Seven leading industrial nations and Australia on seaborne Russian crude oil is an unprecedented diplomatic measure, a Northeastern University expert says, but it might be followed by a more complete embargo in the future.

“Each round of sanctions [against Russia] is hard fought, and it’s quite impressive that they are able to negotiate through this. It is testimony to the scale of their diplomatic apparatus to continually reach new and fresh and more intensive rounds of agreement on sanctions while still having very different relationships to Russia,” says Mai’a Cross, dean’s professor of political science, international affairs and diplomacy and director of Northeastern’s Center for International and World Cultures.

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