Widespread breaches of the Group of Seven oil price cap likely took place in Asia in the first quarter, according to a team of researchers who analyzed official data on Russia’s foreign trade alongside shipping information.
In December, the G-7 imposed a $60 a barrel price cap on Russian oil, barring companies in those nations from providing a wide range of services, particular insurance and shipping, if the cargoes were bought above that level.
But in the first quarter of this year, almost all the oil from the Pacific port of Kozmino sold for well above $60 and over half the shipments were carried out using some type of G-7 service,
