Tighter sanctions and stronger tanker rates hurting Russian crude exports, says Poten

A tightening of sanctions and improving tanker rates are threatening to reduce the amount of crude Russia can export, says Poten & Partners.

“The G7 price cap, which started in December 2022 for crude oil, was meant to force Russia to sell its oil for a discount (below $60 per barrel) or lose the ability to use Western shipping services for its exports,” the US broker said.