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Russia is selling its crude way above the European Union's $60 per barrel price cap, according to a group of researchers, suggesting that the west's attempts to squeeze Moscow's war financing haven't gone exactly to plan.
, Urals grade, was trading at $37.80 a barrel in early January, less than half the price of the international benchmark Brent crude, which traded around $80 a barrel. EU sanctions Additionally, demand outside of the EU appears to be high, and Russian oil suppliers aren't complying with the western price cap, researchers said. Around 50% of Russia's oil is transported using its"Based on our analysis, we conclude that a central focus of policy going forward should be the enforcement of existing sanctions on Russian oil – along with the lowering of the oil price cap," the paper said.
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