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US Treasury Official Refutes Russia Dodging Sanctions

OIL

US Treasury Official Ben Harris has pushed back against the idea that Russia is gaining more from it’s oil revenue than reported data suggests.

  • “To my knowledge. there is no hard data or conclusive evidence that supports speculation about Russia evading the sanctions by using coalition service providers and receiving above-the-cap payments,” Harris said.
  • Platts has reported on Urals crude sent from Russia’s ports in the Baltic region to India’s west coast, with delivery prices more than $20 a barrel higher than the purchase amounts.
  • A number of bank price forecasts suggested Russia was generating more revenue than reported which was supporting production but the recently announced 500,000 bpd production cut serves as a reminder that it may now be struggling.
  • On the cap, Harris said “Success remains to be seen and we continue to approach the implementation of this policy with humility”.
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