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Russian Price Cap Keeping Volumes on Market: Yellen

OIL
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The Russian price cap is achieving its goals of keeping Russian oil on the market while limiting Russian revenues according to US Treasury Secretary Janet Yellen.

  • "While the crude oil price cap has only been in effect for around a month, we have already seen early progress towards both of those goals, with senior Russian officials having admitted that the price cap was cutting into Russia's energy revenues," Yellen said.
  • "Public reports indicate countries are using the price cap to drive steep bargains on the price of Russian oil imports," Yellen added.
  • Russian Urals grade crude has been quoted well below the $60/bbl cap since it has been in place.
  • G7 nations are currently working on price cap mechanisms for Russian refined products from February 5 when the EU import ban is imposed.
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The Russian price cap is achieving its goals of keeping Russian oil on the market while limiting Russian revenues according to US Treasury Secretary Janet Yellen.

  • "While the crude oil price cap has only been in effect for around a month, we have already seen early progress towards both of those goals, with senior Russian officials having admitted that the price cap was cutting into Russia's energy revenues," Yellen said.
  • "Public reports indicate countries are using the price cap to drive steep bargains on the price of Russian oil imports," Yellen added.
  • Russian Urals grade crude has been quoted well below the $60/bbl cap since it has been in place.
  • G7 nations are currently working on price cap mechanisms for Russian refined products from February 5 when the EU import ban is imposed.