WASHINGTON—A Biden administration proposal to cap the price of Russian oil is facing skepticism from some oil analysts and financiers who question whether the U.S. and its allies can effectively dictate the global sales price for a major supplier of oil.
Officials from the White House, Treasury Department and Energy Department have hosted a series of calls and meetings in recent weeks with banks, maritime insurers and oil companies about the price-cap idea, according to people familiar with the meetings. Those talks come on top of a range of diplomatic efforts with China, Europe and others to build support for the novel plan.