US sanctions and export controls against Russia have centered on a dual mandate of squeezing the Kremlin's oil export revenues and ensuring the continued flow of Russian oil supplies to the global market. With that in mind, price caps were devised as a carve out for EU and G7 maritime service providers to continue aiding with the seaborne transport of Russian fuels, as long as they are sold at or below cap levels set by a coalition of countries.

The US Treasury Department recently heralded the price caps on seaborne exports of Russian crude and oil products a success, pointing to the Kremlin's falling oil revenues despite the country's export volumes being up. However, most of the decline reflects lower global oil prices rather than the cheapening of Russian crude values.

Rick Joswick, head of near-term oil market insights and research at S&P Global Commodity Insights, joined the podcast to discuss the shifts in trade flow patterns that followed US and EU sanctions prohibiting imports of Russian crude and oil products and the impact that's had on freight rates and refining margins.

Senior editor Jasmin Melvin also asked several oil market experts to weigh in on one question: Is the global price cap on Russian oil a sustainable policy mechanism for achieving the US' dual mandate, particularly if oil supplies get tighter and prices begin to rise again?

We heard from:

• Ben Cahill, senior fellow at the Center for Strategic and International Studies (6:42)

• Kevin Book, director of research at ClearView Energy Partners (8:02)

• Rachel Ziemba, adjunct senior fellow at the Center for a New American Security (10:28)

• Fernando Ferreira, director of geopolitical risk service at Rapidan Energy Group (12:31)

• David Goldwyn, chairman of the Atlantic Council's Energy Advisory Group (14:57)

• Paul Sheldon, chief geopolitical adviser for S&P Global Commodity Insights (17:30)

Stick around for Starr Spencer with the Market Minute, a look at near-term oil market drivers.

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