Report Says Russian Oil Is Being Sold Far Above Price Cap

Shun Tai crude oil tanker is seen anchored at the terminal Kozmino in Nakhodka Bay near the port city of Nakhodka, Russia, December 4, 2022. REUTERS/Tatiana Meel/File Photo  

gCaptain/Bloomberg: Russia Sold Oil Far Above Price Cap, Researchers Say 

(Bloomberg) –Russian companies got far more money from selling the country’s oil than previously thought in the weeks that followed the imposition of a price cap on the nation’s exports, a group of academics said. 

The research weakens the idea that the price limits are crushing Moscow’s revenue to fund the war in Ukraine.

Russia’s crude fetched an average of about $74 a barrel in the four weeks that followed the cap, according to calculations by experts including from the Institute of International Finance, Columbia University and University of California. 

That’s about a quarter above the threshold — $60 a barrel — that the Group of Seven set from Dec. 5. Their work was based on an analysis of customs’ invoice-level data for the four weeks after the cap was set for crude sales to buyers all over the world, and from all ports and pipelines.  

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Update: Researchers say that the oil price cap imposed by Western leaders to limit Russia's ability to fund its war against Ukraine didn't exactly work (Bloomberg) 

WNU Editor: Another sign that Russian sanctions are not working .... Barrels of Russian oil switched off the coast of Greece to avoid sanctions Bloomberg (Ukrainska Pravda). More here .... Russian Oil Flows to China Hit Highest Levels Since Ukraine Invasion (Bloomberg). 

The report is here .... Assessing the Impact of International Sanctions on Russian Oil Exports (SSRN).