Russia’s Flagship Crude Is Trading on Cusp on G7 Price Cap
- Urals crude from the Black Sea rises to $59.98 a barrel
- G-7 crude cap of $60 prohibits provision of western services
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Russia’s flagship Urals crude oil rose to the cusp of a price cap that Group of Seven nations imposed in an effort to cut the Kremlin’s funding for the war in Ukraine.
If the country’s top export grade surpasses the $60 threshold, it would allow Moscow to claim a win of sorts by showing Russia can get its barrels to buyers around the world without help from western firms. The price cap allows Russian oil to be transported with western ships and insurance only if it’s priced below the threshold.