The G7’s oil price cap is a perilous gamble
Johannes Nordin
Introduction:
Right before Russia’s Gazprom completely stifled gas flows through the Nord Stream I pipeline, G7 leaders had agreed in early September to implement a price cap on Russian energy exports. By leveraging Europe’s central position in the global maritime insurance industry, these measures seek to lower Russia’s inflated energy income not just from sanctioning states but from third countries as well.
However, the eleventh-hour mechanism carries grave risks and unintended consequences that shouldn’t be ignored.
Related Publications
-
Engaging The Indo-Pacific: Some Pointers For Europe
The regional dynamics of the Indo-Pacific Region (IPR), especially maritime security-related, are distinctly different from other regions, especially Europe. There are existential sub-regional dynamics that vary across the IPR, which […]
-
Taiwan: Tokyo’s New Ally?
In December 2022, the back-to-back visits by senior Japanese lawmakers, Koichi Hagiuda, Japan’s ruling Liberal Democratic Party (LDP) Policy Research Council chairman, and Hiroshige Seko, the upper house secretary general […]
-
What might 2023 bring for the security situation in Europe in view of the ongoing rivalry between the superpowers, the war in Ukraine and the economic crisis?
The ramifications of the era-defining year that was 2022 will continue to be felt in 2023 – from the return of war to Europe and its multifaceted aftermath (social, humanitarian, […]
-
South Korea’s Indo-Pacific Strategy: Ambitions and Reality
South Korea launched its Indo-Pacific Strategy, the so-called “Strategy for a Free, Peaceful, and Prosperous Indo-Pacific Region,” in December 2022. The strategy has rightly attracted widespread attention, not least because […]
-
Johns Hopkins SAIS Faculty and Fellow Reflections: The War in Ukraine at One Year
One year after Russia launched its full-scale invasion of Ukraine, The Johns Hopkins School of Advanced International Studies (SAIS) faculty and SAIS Foreign Policy Institute fellows explain the current state of the […]
-
Turkey’s Problem Isn’t Sweden. It’s the United States.
The issue isn’t what Sweden says or does but what the United States does or fails to do on the ground in Syria that matters for Turkey’s national security interests. […]