According to the Center for Research on Energy and Clean Air (CREA), nearly two-thirds of oil and oil products in Russia are transported on ships insured or owned by countries participating in Russia’s supply cap. However, despite the determined ceiling, it is reported that the oil transported is sold at a higher price. BloombergHe cites CREA data.
According to CREA research, Russia continues to use European ships in oil transportation. The center’s analysts note that the price cap level is weakened not only by the use of “shadow fleets” but also by the “failure of participating governments to fully enforce the price cap and punish violators.”
In December 2022, the European Union and G7 countries set a price limit for Russian oil; It should not be sold above $60 per barrel. On February 5, 2023, a new ceiling came into effect (for products traded at a premium and discount on oil) of $100 and $45 per barrel, respectively.
After the price ceiling was implemented, international companies began to refuse to use tankers to transport Russian oil. In May, Bloomberg reported that the European Union was discussing banning access to its ports for ships trying to circumvent oil sanctions against Russia.
Previously recognizedWhen oil prices fall to $50 per barrel.