Russian Urals crude has breached the G7’s $60 oil price cap for the first time, posing difficulties for Western insurance and shipping interests linked to the trade.
Urals reached $60.32 per barrel on Tuesday, above the cap imposed on 5 December that is designed to limit Russian profits from its fossil fuels sales, according to S&P Global Commodity Insights.
European Union and G7 shipping companies can haul Russian oil only if it is sold below $60 per barrel to countries outside of the EU, which also banned imports seven months ago.
