Russia’s Crude Trades At $52 , Well Below The Proposed Price Cap

Russia’s flagship crude grade Urals currently trades at around $52 per barrel, more than $10 a barrel lower than the low end of a proposed G7-EU-UK price cap of $65-$70 per Russian barrel of crude, according to Bloomberg. No final decision has been taken by the G7 and the EU yet, but the price cap mechanism and the EU embargo on imports of Russian crude by sea are set to enter into force in less than two weeks, on December 5.  Reports emerged on Wednesday that the EU is discussing capping the price of Russian oil at somewhere between…