Russian Oil Prices Remain Below G-7 Cap But $900-a-Month Delivery Mystery Remains
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Russia’s main crude grade is still selling well below international benchmarks — and a Group of Seven-imposed price cap — but a huge amount of money for delivering it continues to go into the hands of mystery middlemen.
The country’s flagship Urals grade averaged about $52 a barrel so far this month at the Baltic Sea port of Primorsk, according to data from Argus Media. The G-7 only allows firms to provide key services such as insurance and tankers for Russian oil exports if the barrels cost $60 or less.