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Russian oil prices are rising, despite G7 restrictions

Sep 28, 2023

Oil from Russia continues to rise in price, despite price restrictions by the G7 countries. It is about the so-called price ceiling.


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

According to Argus Media Ltd, Russian oil from the country's western ports rose in price along with major futures. The main oil of the Russian Federation, Urals, is trading at $85.35 per barrel in the Baltic port of Primorsk and $86 from the Black Sea port of Novorossiysk.

Bloomberg reminds that earlier the G7 declared that they would not revise the price ceiling for oil from Russia, the limit of which was set at $60 per barrel.

As noted, after Russia's full-scale invasion of Ukraine, prices for Russian crude fell to $30 per barrel and even less. However, the situation has changed in recent months, and oil from the Russian Federation continues to rise in price.

Bloomberg explains that Russia, together with Saudi Arabia, is reducing sea transportation. Therefore, any benefits from the price ceiling are reduced, because European insurers and shipowners continue to work with Russia.

Author - Serhii Kolomiets, 29/09/2023

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