The cost of the Russian grade of Urals oil exceeded the price ceiling of $60 per barrel, which was set by the G7 countries. According to Bloomberg, citing data from Argus pricing agency, the price of oil amounted to $60.78 per barrel in the port of Novorossiysk.
According to Argus, by June 1, the cost of Urals in the port of Novorossiysk was $52 per barrel. The energy price began to rise on June 30. Then it reached $54.1 per barrel. By July 12, a barrel of Urals began to cost $60.78.
According to experts, the significant expansion of the shadow tanker fleet and alternatives to Western insurers and payment methods creates alternatives that, apparently, will allow the continuation of the cargo transportation of Russian crude oil.
Recall that the restriction on oil prices from Russia was introduced in December 2022. According to the agreements between the EU and the G7 countries, Russian oil cannot be sold above $60 per barrel. From February 5, 2023, there is a ceiling of $100 and $45 per barrel (for products that are traded at a premium and a discount to oil, respectively).
Source: Rosbalt
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