The EU, G7 countries and Australia introduced a price cap of US$60 a barrel on Russian oil last December.
MOSCOW: Russian crude oil supplies increased 50% this spring despite the G7 countries imposing sanctions due to war in Ukraine, the Financial Times reported on Sunday citing data from analytics company Kpler.
The EU, G7 countries and Australia introduced a price cap of US$60 a barrel on Russian oil last December, aiming to curb Russia’s ability to finance the conflict in Ukraine. However, Russian oil revenues are likely to increase due to constant increases in crude prices and a reduction in the discount on its own oil, the FT report said, citing Kyiv School of Economics estimates.
Almost three-quarters of all the seaborne Russian crude flows travelled without western insurance in August, according to an analysis of shipping and insurance records by the Financial Times. Russia cut its seaborne diesel and gasoil exports by nearly 30% to about 1.7 million metric tons in the first 20 days of September from the same time in August. Russia’s temporary ban on exports of gasoline and diesel to most countries, announced last week, was expected to further tighten supplies.
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