Officials say that Russia and its oil-purchasing partner countries are struggling to find insurance for tankers, meaning there could be leverage to enforce a price cap in exchange for sanctions relief.

U.S. Treasury Secretary Janet Yellen has proposed to tackle this issue with a price cap: The idea is that the EU and U.K., which are currently trying to hamper Russian oil sales by banning insurance for the cargo ships that transport oil, would lift this sanction for those countries that accepted to only buy Russian oil at an agreed maximum price.

Western countries are becoming increasingly frustrated that their embargoes on Russian oil have had the counterproductive effect of driving up the global petrol price, meaning that Moscow, which continues to sell oil to countries such as India and China, ends up earning more money for its war chest.

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