The price ceiling that the West imposes on Russian oil is not working. In this respect he is writing Spiegel.
According to the publication, 99 percent of Russian oil in October was sold at a price above $60 per barrel.
“Even across the Baltic Sea, Russian oil was transported at prices not lower than $60 per barrel. And this takes into account that traditionally in the West they use insured tankers,” Spiegel points out.
The material shows a graph showing that in October 62% of Russian oil was supplied from Baltic ports at a price of $ 75-80, and this share increased more than seven times compared to September. Another 15% of raw materials from Moscow were sold at 65-70 dollars per barrel (a month ago – 16%), 12% at 80-85 dollars. This share increased by 4 points during the month. At the same time, the supply of Russian oil at prices of $70-75 has also decreased. Its shares decreased by 3 points to 10%.
KSE economist Benjamin Hilgenstock noted that the influence of Western countries on Moscow is gradually decreasing. He admitted that Russia had created its own “shadow fleet” to transport oil by sea, outside Western control.
The ceiling price of 60 dollars per barrel for Russian oil, agreed between the EU and G7 countries, came into force on December 5, 2022. The use of Western insurance and financing for shipments of Russian crude oil to third countries is allowed only if the cargoes are sold at or below $60 per barrel. Since February 5, restrictions have been imposed on oil products coming from the Russian Federation.
According to the Ministry of Finance of the Russian Federation, the average price of Russian Ural oil in October 2023 was $ 81.52 per barrel, exceeding the figure for the same period last year ($ 70.62 per barrel) by 15%.
Previously Novak statedOil from Russia is sold at a price higher than the ceiling price.