In the article written on September 2nd 2022 published by the BBC and written by Michael Race ,a business reporter, he explains how the G7 agreed to set a price cap on Russian oil. The reason given for the price cap being that the G7 wants to limit the revenue they give to Russia while Russia continues their war on Ukraine. The price cap does limit the amount of spending countries who agree to the cap can spend however, the cap does not eliminate Russian revenue streams from the G7, solely limits it. That being said the entirety of the world has not joined in on the price capping of Russian oil, places like India and China still purchase crude oil from Russia with no limit on how much they spend. With this fact Russia is still turning a profit and are able to fill their coffers. Russia still gaining money means that the G7 needs to either lower the spending cap so those who have no cap cant set the difference or the G7 stops buying crude oil from Russia all together. This article was a really interesting read because it demonstrated the liberalist view. Russia is misbehaving so the G7 is trying to set them right by setting a price cap on one of their most important exports, oil. Over the week we read on how a country can be punished to the point that the people of the country are unhappy therefore making the country behave. In this circumstance though Russia is not feeling much if any economic repercussion so I don't believe these price caps mean much of anything other than symbolism. It will be interesting to see if the G7 decides a lower cap or an all out embargo, as well to see if china or India join in the Cap.
https://www.bbc.com/news/business-62770283
Zachary Erickson
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