Putin forces Biden to go back on Russian oil price cap | U.S reworks plan

The United States has been forced to scale back a plan to impose a cap on Russian oil prices. Team Biden is reworking the plan after scepticism by investors and growing risk in financial markets brought on by crude volatility, says Bloomberg. Market pressure has compelled the United States to abandon its plan to suffocate Russia's crude revenues by imposing a strict price cap that would have been enforced by a broad "buyer's cartel." The earlier plan was to cap Russian oil at as low as $40 per barrel compared to the current global rate, which is fluctuating around $90 per barrel. The Russian President set conditions for energy flows weeks ago amid pressure. Watch this report for full information.