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How Washington Persuaded Europe to Put a Price Cap on Russian Oil
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Seventy-two hours before they hoped to launch an unprecedented new plan to set a cap on the price of Russian oil, Biden administration officials faced a problem: Poland hadn’t yet signed off on the final design.
With support from Ukrainian President Volodymyr Zelensky, Poland had pushed for setting the cap as low as $30 a barrel, an attempt to deeply cut the Kremlin’s oil revenues. But the U.S. and other Group of Seven advanced democracies sought a deal at $60 a barrel to hedge against the risk of sending global crude prices soaring.
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