When the West rolled out its unprecedented price cap on Russian oil late last year, it hoped to starve Moscow of much-needed revenue while minimizing the impact on other countries.
Eight months on, the cap is seen in Western capitals as a successful part of the squeeze on Russian President Vladimir Putin, but a policy that has yet to be properly tested, according to energy analysts.
With oil prices on the rise after months in the doldrums, the cap's impact — and limits — could now come into focus.
"We know, like with all of our measures, Russia will attempt to evade the price cap," Eric Van Nostrand, the US Treasury's acting assistant secretary for economic policy, said in a speech Thursday.
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