G7 shelves regular Russian oil cap reviews as prices soar, sources say

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

reuters.com

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