Russia’s Oil Products Still Evade Price Cap

The price cap on Russian crude oil products isn’t as effective as the implementers intended, according to Bloomberg, citing Argus Media Ltd data. Several of Russia’s refined oil products continue to trade above the capped price laid out by the G7 as the nation continues to defy Western sanctions. Diesel is one such product that Argus shows is trading above the cap. Meanwhile, naphtha and fuel oil are trading within the cap. Not only is Russian diesel trading above the specified cap, but Russia’s diesel exports by sea jumped 5%…