Commodities
More Than Half Russia’s Fuels Fall Under G-7’s $45-a-Barrel Cap
- G-7 imposed two price caps on Russian fuel exports from Feb. 5
- Shipments including fuel oil, naphtha fall under $45 threshold
A worker pours liquid oil into a barrel at an oil refinery.
Photographer: Akos Stiller/Bloomberg
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More than half of Russia’s refined fuel exports have been capped at $45 a barrel, highlighting the potential pressure the nation’s oil industry could face from the latest Group of Seven sanctions.
The G-7 set out two sets of price thresholds on Russian fuels — $45 for cheap ones, $100 for pricier ones — that kicked in on Feb. 5. Anyone paying more wouldn’t be allowed to do so on European tankers or with industry standard insurance.