Russia's main oil product is trading way below the $60 price cap as just a handful of buyers keep up trade with the heavily sanctioned nation
Russia's main oil product is now trading way below the G7's $60 price cap, as the heavily sanctioned nation only has a handful of buyers to keep up its crude oil trade.
Urals grade, Russia's largest crude oil export, traded at its Baltic Sea port at just $37.80 a barrel on Friday, according to data from Argus Media. In addition to lagging below the price cap, that's less than half the price of international benchmark Brent crude, which was trading at about $80 a barrel on Monday.in December, part of the latest round of sanctions intended to crimp Moscow's war revenue.
Europe was one of Russia's largest crude oil customers, and Russian oil suppliers are now unable to use Western shipping and insurance services unless they agree to abide by the price cap mechanism.
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