Price cap too high? In reality, the value of Russian oil is a puzzle

Moscow could respond to the price cap with a price floor: a floor to contrast with the G7 ceiling, to prevent an excessive devaluation of Russian oil. At least so say the latest rumors, source Bloomberg. But to complicate the practical application of both, already complex on many other fronts, there is the opacity of the price at which transactions take place on the physical crude market, whether in Russian barrels or not

The level of the price cap – set after lengthy negotiations in the…