Russian Oil Keeps Gushing Despite Uncertainty Over Price Cap
Seaborne crude flows remain steady with EU ban just a week away
Looming EU sanctions may hit Russia’s oil sales.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Overall crude shipments from Russian ports have yet to show clear evidence of drying up as a result of impending European Union sanctions, despite a massive diversion from Europe to Asia.
EU countries have been struggling to find a level at which they can agree to cap Russian crude prices, leaving buyers in limbo before the group’s sanctions come into effect on Dec. 5.