A report by the International Energy Agency last week showed that Russian crude oil and petroleum products sold for less than the price cap last month.
The weighted average export price of Russian crude was at $US52.48 a barrel, excluding shipping and insurance costs. Urals crude, Russia’s key export blend, sold for $US45.27 in the Black Sea market, while blends such as ESPO, Sakhalin and Sokol, designed to be sent to Asia, traded well above the cap, according to the IEA.
Poland and the Baltic nations have been pushing to lower the price cap to at least $US49 to place additional pressure on Russia’s finances, an EU diplomat said. Estonian Prime Minister Kaja Kallas said on Twitter last week that it’s “time to review and lower it further to cut Russia’s ability to wage war against Ukraine”.
Nations such as the US have been less inclined to alter the price levels, arguing that the cap is working as Russia’s revenues are down, and its costs are up, while oil continues to flow on the global markets, the people said.However, measuring the impact of the cap itself is complex, in part because it was introduced in parallel to an EU embargo that cut Moscow off one of its largest markets.
needed to transport Russian oil to third countries around the world when the products have been purchased at or below the price threshold. Russia is free to transport and sell oil at any price if it doesn’t use G7 and EU services and vessels.
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