The Group of Seven last year set a US$60 price cap on Russian oil in an attempt to restrict revenue to Moscow’s warmongering.
According to Argus Media (price monitoring agency) reports Russian Urals crude topped $60 a barrel on Wednesday.
- Urals prices rose to $60.78 a barrel at the Black Sea port of Novorossiysk on Wednesday
The G7 stopped Russian oil being transported on Western ships — and with Western insurance — unless it was priced under the $60 threshold. Russia put together a fleet of ships big enough to transport its crude to buyers without the need for services from companies in G-7 countries. The price cap was designed to allow Russian oil to keep flowing into the global economy, but to lower the revenue.