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G7 Price Cap on Russian Oil Exports Failed: Russian Energy Ministry

OIL

The G7 price cap on Russian oil exports has failed, despite the recent added pressure on vessels transporting Russian oil above the cap, Russian Deputy Foreign Minister Alexander Pankin said, cited by Tass.

  • "People write and talk a lot about this - we sell [oil], we sell it at higher prices, no matter [what]. This suggests that [such a Western policy] has failed, even if they will continue to put pressure on us," Pankin said.
  • The US Treasury Department has increased pressure on vessels and individuals transporting Russian oil above the cap using G7 services by introducing sanctions in recent months.
  • Russian Urals prices averaged $72.84/bbl in November, the Russian Finance Ministry said, down by 10.6% on the month but a sixth consecutive monthly average above the G7 price cap.
Energy BulletsCommodities
Energy BulletsCommodities

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