Is the Oil Price Cap Going to Backfire?

The jury is still out on its long run impact initially after December 5th when it went into effect. You saw Russian export volumes collapse, but now nearly January they've picked up again if their four week rolling average can be trusted. Where has Russia's earned a count surplus of 2022 gone? I don't think that we should expect China to sit and just say, okay, you want to decouple or you want to get our access to semiconductors? No problem and we will sit idle and not do anything.