Russia benefits from rising oil prices.
(Photo: INTERFOTO)
Zurich It is a novelty that could become a test. For the first time since Western sanctions were imposed on the Russian oil industry, the price of Urals oil has risen well above the specified upper limit of $60 per barrel (around 159 liters).
According to the industry service Argus Media, the most important type of Russian oil for export to the west at the Black Sea port of Novorossiysk cost just under 63 dollars on Thursday. The analysis house S&P Global Platts also confirmed a price of just over 60 dollars at the Russian Baltic Sea port of Primorsk.
The most recent price increase is thus a practical test for the price cap introduced by the G7 countries and the EU. Since December 2022, European shipowners and service providers such as insurance companies have been banned from shipping Russian crude oil at a price of more than $60. Exports to the EU and the G7 countries are prohibited, regardless of the price.
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