OPINION: A G7 and European Union cap on the price of Russian crude came into force this week, along with an EU ban on seaborn Russian oil imports

The cap means that only Russian oil bought for less than $60 per barrel can be shipped using EU tankers, insurance companies and credit institutions.

Brent crude spiked initially to $86 per barrel at first, partly on concerns that Russia would carry out its threat to curb the supply of crude to supporters of the price cap and despite an Opec+ oil decision to maintain production cuts.