Commodities
Russia’s Flagship Crude Oil Surpasses G-7 Price Cap for First Time
- Urals crude advanced above $60 threshold Wednesday, Argus says
- Shift may complicate flows to Asian buyers including in India
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Russia’s flagship Urals crude oil breached a price cap set by the Group of Seven, a blow to western sanctions efforts and arguably an economic win for Moscow.
According to price reporting agency Argus Media, Urals crude topped $60 a barrel on Wednesday, climbing above the cap that the Group of Seven set last year in an attempt to restrict revenue to Moscow’s war machine. The idea of the ceiling was to stop Russian oil being transported on western ships — and with western insurance — unless it was priced under the threshold.