Bloomberg reports that the G7 is considering hardening the price cap on Russian oil and is even considering replacing the mechanism with a full ban on handling Russian crude.
The market may get excited about this but I don't think it's a real threat.
"Options under consideration range from essentially replacing the mechanism with a full ban on handling Russian crude to lowering the price threshold from the current $60 to about $40, the people said. The people, who spoke on condition of anonymity to discuss sensitive talks, cautioned that discussions were ongoing and there’s no consensus yet on a next step."
So far the price cap has been a near-total failure with Russian oil flowing freely.
