Russian Oil Exporters Skirt Price Cap and Sanctions, Earning Big Profits

Russian oil producers are benefiting from cheap shipping costs to export oil to Asia, earning over $60 per barrel despite the price cap.

The number of tankers willing to ship Russian oil has increased, with over 500 ships operating outside Western sanctions.

Freight rates for Russian oil shipments have plunged, giving Russian exporters even more revenue above the price cap.

Shipping entities from the Middle East, Africa, China, and elsewhere are working the routes instead of Western companies.

Western officials say the price cap is still working by limiting Russia's oil revenue and preventing supply disruptions, though enforcement remains a concern.