Global energy price cap: market manipulation whose time has come?

“United against megalomania” was how one German newspaper succinctly put it. Sanctions on Russian gold exports, the enlargement of the Nato intervention force to six times its current strength, an air missile defence system for Ukraine, and a broad commitment that the Group of Seven will be with Ukraine for as long as it takes. None of these, secured at this week’s G7 summit held high in the Bavarian Alps in weather that ranged from glorious sunshine to shattering thunderstorms, is a paltry achievement. But there was one idea that stood out, both because it is new, divided the G7, and told a bigger story about the dilemma the west faces as it tries to damage Vladimir Putin’s war economy.