According to the agency, the price of Urals has reached $75 per barrel, while the price ceiling for Western companies involved in the transportation and insurance of Russian oil has been set by the “Big Seven” at $60.
Russian oil is trading much higher than the G7 price ceiling. At least that’s what Bloomberg claims, citing analysts at Argus Media.
According to the agency, the price of Urals reaches $75 per barrel at departure ports on the Black and Baltic seas. The price ceiling for Western companies involved in the transportation and insurance of Russian oil has been set by the G7 at $60.
Sources within the US Treasury believe that the ceiling is still in effect. Washington believes that the measures force Russian exporters to either sell oil below the threshold using global logistics or incur additional costs to maintain or attract shadow fleet.
The US intends to continue its sanctions pressure on ships and companies involved in transporting Russian oil above the price ceiling.
According to Bloomberg, prices are even higher at Russian ports in Asia. ESPO crude oil in the port of Kozmino is shipped for $84, and upon arrival in India, the price reaches $88. The agency notes that this is only a few dollars cheaper than the global benchmark Brent.
According to the article, part of the additional income is eaten up by increased logistics costs. Shipping a barrel from the Baltic Sea to India or China costs seven to eight dollars. Previously, a significant amount of these volumes were sent through cheaper routes to Europe.
Bloomberg notes that international traders are given the right to work with Russian oil after passing an “assessment.” The document declares that the company transports fuel at prices below the ceiling and complies with related restrictions. According to the article, the gap between the ceiling and Argus evaluations raises questions about the authenticity of such assessments.
Earlier, the US Secretary of Defense called Ukrainian strikes on Russian refineries a threat to oil markets. According to Lloyd Austin, Ukraine would be better off focusing on military targets, the defeat of which “could directly impact the current situation.”