The G7 and allies have shelved regular reviews of the Russian oil price cap scheme, people familiar with the matter told Reuters, even though most Russian crude is trading above the limit because of a rally in global crude prices. Russian producers have found ways to sell oil using fewer Western ships and insurance services, making it difficult for the West to enforce the existing price cap because the companies facilitating the trade are outside of their remit. The Group of Seven (G7) countries along with the European Union and Australia imposed the price cap mechanism on Russian oil last December, followed by a cap on fuel from February.
FILE PHOTO: Russian oil cargo Pure Point, carrying crude oil, is seen anchored at the port in KarachiBRUSSELS - The G7 and allies have shelved regular reviews of the Russian oil price cap scheme, people familiar with the matter told Reuters, even though most Russian crude is trading above the limit because of a rally in global crude prices.
The G7 has not reviewed the cap since March, however, and four people familiar with G7 policies said the group had no immediate plans to look into adjusting the scheme. The sidelines of the upcoming U.N. General Assembly later this month could serve as an informal platform for talks on the cap. Benchmark Brent oil futures are trading at their highest this year at above $90 a barrel, raising the value of global crude, including Russian Urals.Russia's finance ministry said the average price on its flagship crude grade Urals has recovered to $74 a barrel on average in August - well above the $60 a barrel cap - and up from an average $56 in the first six months of the year.
Reuters calculated that at least 40 middlemen, including companies with no prior record of involvement in the business, handled at least half of Russia's overall crude and refined products exports between March and June.
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