Russian crude oil supplies increased by 50% this spring despite sanctions imposed by the countries of the G7 Due to the war in ukrainethe Financial Times reported on Sunday, citing data from analytics firm Kpler.
The European Union, G7 countries and Australia introduced a US$60 per barrel cap on Russian oil last December, with the aim of curbing Russia’s ability to finance the conflict in Ukraine.
However, Russian oil revenues are likely to increase due to continued rises in crude oil prices and a narrowing discount on its own oil, the FT report said, citing estimates from the Kiev School of Economics (KSE).
Nearly three-quarters of all maritime flows of Russian crude traveled without Western insurance in August, according to an analysis of shipping and insurance records by the Financial Times.
Russia reduced its maritime exports of diesel and gasoil by almost one 30%, to 1.7 million metric tons, in the first 20 days of September compared to the same period in August. Russia’s temporary ban on exports of gasoline and diesel to most countries, announced last week, was expected to further reduce supplies.
Source: Reuters
Source: Gestion
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