US Treasury Official Refutes Russia Dodging Sanctions

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”.