Russian Urals oil is trading well above the G7 price limit of $60, indicating significant non-compliance with sanctions. This is reported by Bloomberg.
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Urals oil exported from the ports of the Baltic and Black Seas costs about $75 per barrel. The rise in prices has been linked to broader geopolitical dynamics.
The G7 cap requires any Western company transporting Russian oil to obtain a so-called certification, a document certifying that the cargo is worth $60 a barrel or less. If this is not the case, they have no right to provide their services.
Although Urals oil has remained above $60 for almost the entire year, this monthly jump beyond $70 calls into question the credibility of these certificates for traders.
When Urals oil arrives in India, its purchase price is $88 per barrel, just $3.80 lower than Brent oil. Other Russian ESPO oil, which is exported from ports in eastern Russia, costs $84 per barrel.
