Russia has sold nearly all its oil well above the West’s price cap
Moscow: Russia has succeeded in selling almost all of its oil well above a Western-imposed price cap of $60 per barrel, a Russian government official said on Thursday.
The European Union, G7 countries and Australia introduced the price cap on Russian oil last December, aiming to curb Russia’s ability to finance the conflict in Ukraine.
“Even unfriendly countries note that the so-called price cap has not worked. More than 99 per cent of oil traded well above the $60 per barrel ceiling,” Vladimir Furgalsky, a Russian Energy Ministry official, told a round table discussion at the upper house of parliament.
