The western powers continue to embark on unsuccessful strategies to harm Russia when in fact they hurt themselves more than their intended target. 

The hard-hitting economic sanctions that the United States, European Union and United Kingdom have imposed on Russia this year have delivered abysmal result

The next game plan is for G7 member states, which are the U.S., UK, Germany, France, Japan, Italy and Canada, to set price caps on Russian oil imports with a deadline set for December 5. 

Washington hopes to persuade most countries worldwide to join into a so-called buyer's cartel.  

According to media reports, G7 nations would forbid financing and insuring Russian oil shipments unless the oil can be sold at a much lower price, well below current market rates. 

Crude oil pricing and futures contracts are normally settled daily on global trading floor exchanges such as in New York, London and elsewhere.  

Nonetheless the West is betting that the Kremlin will accept the deal rather than burn out its excessive crude oil & gas supplies or sell it to different buyer.