Europe’s ban on Russian oil, combined with the U.S.- generated “cap” on Russian oil prices, marks the end of the global oil market. In its place is a partitioned market whose borders are shaped by not
only economics and logistics but also geopolitical strategy. Western governments have created this new market in an effort to stifle the oil revenue fueling Vladimir Putin’s war machine. Moscow will counterattack, hoping to cause disruption, panic and a break in support for Ukraine. But Russia will have a tougher time
than expected given current market
conditions.