G7 shelves regular Russian oil cap reviews as prices soar, sources say
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G7 and allies have paused regular reviews of the Russian oil price cap scheme as most Russian crude trades above the limit amid high oil prices.
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Russia has found ways to export oil using fewer Western ships/insurance, making the price cap hard to enforce on non-Western companies.
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The $60/barrel crude cap was meant to cut Moscow's revenues amid the Ukraine war without disrupting markets.
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Russia's Urals grade is now averaging $74/barrel, well above the cap, as global prices rally.
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Though Western ships still move Russian products, a "dark fleet" of tankers with murky ownership now transports most crude.
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