China and Russia strengthen energy ties despite US sanctions.

The Biden administration claims that the G-7's plan to cap the price of Russian oil worldwide has cut deeply into Russian President Vladimir Putin's bottom line, with an International Energy Agency report finding that it has cut the Kremlin’s energy tax revenues by 42% since last February. However, Putin has announced new efforts to get around the price limits, possibly bolstered by China, during his state visit with Chinese President Xi Jinping this week. The Western oil price cap, which is actually three different price caps depending on the type of oil, has the dual goals of stopping Russia from funding its war while keeping the oil flowing.