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Russia Extends Retaliatory Measures Against Price Cap

OIL

Russian president Vladimir Putin has extended retaliatory measures against the G7 price cap placed on its oil exports until the end of June 2024.

  • In January, Russia banned domestic oil exporters and customs bodies from adhering to the price cap, Reuters said.
  • Russia continues to prohibit oil exports to countries abiding by the price cap, a measure in place since Dec. 27, 2022.
  • The price cap limits access to Western shipping services and insurance only to cargoes being sold below the agreed threshold, currently $60/b for Urals crude.
  • However, Russian cargoes have been frequently trading above this level, with calls in the West to increase enforcement of the regulation.
Energy BulletsCommodities
Energy BulletsCommodities

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