The cost to ship fuel has more than doubled since February.

Small independent processors in China are being joined by larger Chinese refiners, driving prices higher.

Whether they $60 a barrel price cap will continue to work in the long run is an open question though.

The $60 price cap was designed to limit Russian oil revenues, while keeping the oil itself flowing to avoid a global price shock.

An EU diplomat is considering a $65 to $70 per barrel price cap on oil from Russia. But some nations want a more punitive target.

A reported $1.5 trillion is tied up as collateral on energy markets. That’s making it hard for energy companies to operate.

Russia remains economically isolated and it’s suffering a brain drain of young, educated professionals, explains Kristy Ironside of McGill University.

European leaders worry about the risk of a supply shortage in the winter, though member nations have different levels of energy security.

Experts say buy-in from China and India would be key to making the policy work.

Advanced nations will evaluate the idea in an effort to limit Russia’s energy revenue. But Russia could retaliate.