The G7’s oil price cap on Russian crude oil appears increasingly unenforceable and has failed to significantly disrupt supply, according to the World Bank.
Russian volumes have remained relatively constant since the crude price cap and European embargo were introduced in December 2022, with deliveries shifting from the European Union to China, India and Turkey, it said.
Russian oil exports in April 2023 hit the highest level for a decade, according to data from cargo analyst Kpler.
