What we have learned three days into the price cap on Russian oil

On Monday, Group of Seven nations imposed a cap on the price of Russian oil. The measure’s debut has been glitchy.

The unprecedented move by one set of countries to try to impose a price at which another can sell a commodity has drawn confusion among traders, and — from Moscow — a threat of retaliation.

It requires anyone wanting to access key G-7 services including insurance to pay $60 a barrel or lower for Russian crude. That’s well above where the nation’s main grade currently trades, but far below global benchmark oil prices.

As the cap enters its third day,