By Rhodri Morgan It took 282 days for the Western world to impose its first oil sanctions on Russia following its invasion of Ukraine on February 24th last year. In this case, the sanctions are being used in an attempt to cut off the Kremlin’s petrodollars and reduce funding for its war efforts. The primary sanctions weapon set by the G7 and its allies is a price cap preventing Western companies from procuring or transferring Russian oil for over $60 per barrel. In the beginning, the price cap had damaging results, heavily denting Russia’s oil tax revenues. But over the course of last year, it…