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RF began to sell Urals oil a quarter more expensive than the price cap

Apr 10, 2024

Russia is selling its flagship grade of Urals oil at $75 per barrel, a quarter more than the price ceiling set by the G7 members.


This is reported by RBC-Ukraine with reference to Bloomberg.

The publication writes that US officials are tracking the rise in prices and explaining it to broader geopolitical dynamics. Bloomberg notes that Urals oil is shipped from the Baltic and Black Sea ports.

According to the rules, any Western company participating in the transportation of Russian oil must obtain a special document that confirms that the cost of the cargo is no more than 60 dollars per barrel.

An American official said that the cap on oil prices is still having the expected effect, reducing the amount of money the Kremlin receives from its sale. According to him, this restriction forces the Russian Federation to sell raw materials through the “shadow fleet” of Russia.

"The US plans to continue to apply restrictions by imposing sanctions on vessels operating in the 'shadow fleet', but will not do so in response to any specific market movements," the official told the publication on condition of anonymity.

Author - Serhii Kolomiets, 11/04/2024

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