Almost All Russia’s Oil Sold Above the Price Cap Last Month
- Seaborne exports price averaged $79.4 a barrel: KSE Institute
- Researchers urge G-7, EU to step up penalties for violations
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Russia exported almost all its oil cargoes at a price that exceeded a Group of Seven-imposed price cap last month, the latest sign that western sanctions are now failing to restrict Moscow’s access to petrodollars.
More than 99% of the nation’s seaborne was sold at prices well above a $60-a-barrel threshold set by G-7 nations almost a year ago, a study of detailed trade and shipping data by KSE Institute shows.