The Russian announcement—seen in the west as a piece of TRANSPARENT [?] BLACKMAIL.

came hours after the G7 finance ministers pressed ahead with an elaborate plan, first outlined by the US at the G7 leaders summit in June, to put a [price] cap on [EU]  Russian ["embargo"] oil prices.
[...]
An audacious piece of [G7] market intervention, the plan retains many inherent flaws. Underwriters claim they do not know the price of the ["Russian-origin"] oil that the ship they have insured will sell.

• Platts excludes Russian-origin material from European LPG assessments effective Sept 1

• Platts excludes Russian-origin material from European gasoline assessments effective Sept 1

• Platts excludes Russian-origin material from European jet fuel assessments effective Sep 1, 2022

• Platts excludes Russian-origin product from European 1%S FO and 0.5%S MF assessments from Sept. 1

• Platts discontinues nine Asia clean tanker assessments, from Sept 1

• Platts to discontinue Indonesia's Handil Mix, Australia's Gippsland crude assessments from Jan 1, 2023

• Platts to discontinue assessments of Abu Dhabi crudes differentials to OSP from Jan 1, 2023

• Discontinued USDA third party grains and biofuels symbols

• Platts discontinues some third-party grains data, August 31

• Platts discontinues publishing assessments for Eagle Ford Postings Average, August 22

• Discontinued CEC carbon credit symbols, August 16
  

Despite the work since the G7, no target price has been agreed and the noises out of the London insurance industry are not enthusiastic. But the plan does now have the enthusiastic endorsement of [] UK Chancellor Nadhim Zahawi and, more importantly[,] US Treasury Secretary Janet Yellen. But [G7 racketeering] remains a long-term plan on a drawing board.

By contrast, PUTIN already has powerful destructive levers 9/10 the law at his disposal.