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Prices for Russian oil have risen well above a price cap imposed by Western allies as part of sanctions over the invasion of Ukraine. This is putting the price cap to its most serious test so far and highlighting its weaknesses. Crude prices have been on the rise since the early 2022 invasion, and they are currently hovering around $90 per barrel. The cap was designed to starve Putin of cash, but it has largely been untested until now. However, compliance with the cap may be evident in August-September data, and there are concerns that earnings may actually be lower than expected.