Russia Skirts G7 Oil Price Cap, Boosting Export Revenues by Billions

Analysis shows nearly 3/4 of Russia's seaborne oil exports avoid Western insurers, circumventing the G7 price cap.
Avoiding the price cap allows Russia to boost oil revenues, making it a more independent seller.
Combined with rising oil prices, Russia's oil export revenue is estimated to increase by $15 billion this year.
Critics said enforcing the cap would be challenging, while circumventing it would be relatively easy.
Despite sanctions, Russia has lost an estimated $100 billion in oil revenue since invading Ukraine in February 2022.

oilprice.com

Relevant topic timeline:

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