Russian oil trade remains in ship-shape as the EU price cap has failed to stem Moscow's freight and insurance income, analyst says
Russia's energy revenues may not have been hit as badly by Western sanctions as some preliminary estimates suggested, according to analytics firm Kpler.
It's all down to the way Russia sells its crude to Asian buyers such as India and China, by charging oil traders for extra services like shipping and insurance along with its crude.Russian oil was being priced at around $38 per barrel — less than half the cost of the Brent benchmark — after Europe imposed a price cap on it and banned seaborne imports, said Katona.
The European Union has capped the price of Russian oil at $60 a barrel, and banned vessels carrying the commodity from using western shipping and insurance services unless they agree to the cost limit. The move was aimed at crimping Moscow's energy revenues while keeping supplies of its oil flowing through global markets.
"The Indians don't deal with anything. They don't deal with shipping, they don't deal with insurance. And basically, it's the Russians doing the servicing of that cargo," he said.
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