The Big Picture

Vincent Boland: The era of mutual dependence between Europe and Russia is coming to an end

After weeks of argument and debate, Europe this week joined with other western allies to set a price cap on Russian oil sales, a small but significant step in the continent’s energy transition

The price cap is the most dramatic political intervention in the oil market in a generation. It is set at $60 per barrel of Russian oil, though it is achieved in a rather convoluted way. Picture: AFP/Getty