Russia’s flagship oil is moving ever closer to $60 per barrel cap
The price of Russian oil is nearing a threshold that could create complications for the country’s biggest buyers.
The Group of Seven nations last year imposed a cap of $60 a barrel on crude shipped from Russia to limit the Kremlin’s profits amid the war in Ukraine. Buyers who pay above that level lose access to industry-standard insurance under the sanctions.
The price of Russia’s flagship Urals crude at the point of export is getting closer to the $60 limit, data from Argus Media Ltd. show. The delivered price of the grade to India’s west coast — including shipping costs — was actually more than $73 a barrel as of April 6.
