Russia May Have Earned $1.2 Billion By Exploiting Oil Price Cap Loophole

Russian producers have been selling their crude oil to India at prices below the G7 price cap of $60 per barrel, but since shipping costs are not included in this price ceiling, Russia has been overcharging for freight costs and getting more revenue from oil trade, a Financial Times analysis showed this weekend. FT has analyzed the fees and charges on tankers leaving the Baltic Sea ports in Russia for India. The findings suggest that the overcharging for shipping costs, plus the fees for Russia-linked tankers, may have boosted Russia’s oil…