Mechanism for Russian Oil ‘Price Cap’ Does Not Exist

French President Emmanuel Macron gave an interview to CNBC today in which—while supporting the idea of a “price cap” for imports of Russian oil 100%—he said, “This mechanism does not exist as such, so this is only the beginning of the discussion.” He continued, “The problem is that … if you want the system to work, we need to expand an alliance of buyers so that all the buyers should commit together. The different buyers need to agree and decide on a cap, and implement it. Now the technical work is going to start, based on the political discussion.” So, one doesn’t need to hold one’s breath waiting for this Janet Yellen brainwave to be acted upon. Macron called it “the U.S. initiative.”