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OilPrice

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Russia’s Urals Oil Price Is Still Below The G7 Cap

The price of Russia’s flagship crude grade, Urals, continues to average below the $60 per barrel price cap set by the G7, but a large difference in export and import prices suggests that the actual trade in Russian crude is murkier than it seems at first glance. The price cap on Russian crude imposed by the EU, the G7, and Australia came into effect on December 5.

Under it, buyers paying $60 or less per barrel of Russia’s crude will have full access to all EU and G7 insurance and financing services associated with transporting Russian…

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