Russia’s Oil Export Revenues To Rise This Year As It Evades The G7 Price Cap

Russia is set to generate higher revenues from oil exports this year despite the price cap imposed on the country by the G7 and EU in response to the country’s invasion of Ukraine. Analysis of shipping data cited by the Financial Times shows that Russia is now shipping three-quarters of its oil overseas without Western insurance—one of the tools the G7 and the EU used to enforce the cap of $60 per barrel. Meanwhile, prices are on the rise and Russian crude is no exception. Urals crude is trading at close to $79 per barrel and ESPO,…