Thursday , November 30 2023

Russia dodges G7 price cap sanctions on most of its oil exports, Financial Times reports

Russian oil cargo Pure Point, carrying crude oil, is seen anchored at the port in Karachi

Russian oil cargo Pure Point, carrying crude oil, is seen anchored at the port in Karachi, Pakistan June 13, 2023. REUTERS/Akhtar Soomro/File Photo Acquire Licensing Rights

Sept 24 (Reuters) – 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 European Union, G7 countries and Australia introduced a price cap of $60 a barrel on Russian oil in 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 (KSE) 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.

Reporting by Shubhendu Deshmukh in Bengaluru; Editing by Lincoln Feast

Our Standards: The Thomson Reuters Trust Principles.

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