Russia's flagship crude grade is currently being exported at a price that is $15 above the $60 price cap set by the G7 and partners.
Russia ’s flagship crude grade, Urals, is currently being exported at a price of around $75 per barrel, per Argus Media data cited by Bloomberg—a price that’s $15 a barrel above the $60 price cap set by the G7 and partners if the oil is to be moved with the help of Western shippers, insurers, and financiers.
They attribute the rise to the wider oil market developments and geopolitical dynamics, an official at the U.S. Department of the Treasury told Bloomberg. Last month, nearly a quarter of Russia’s crude oil shipments – 23% -- were insured by members of the International Group of P&I Clubs, according to data compiled by Bloomberg. Still, there have been reports and signs that the tightened sanction enforcement is damaging Russian exports and oil revenues, to some extent.
Crude Oil Oil Prices Export Geopolitics Price Cap G7 EU United States Sanctions
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