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Russia is successfully bypassing sanctions
The price cap on Russian oil, spearheaded by the US and established at $60 per barrel, is proving ineffective. Russian oil is being traded at prices exceeding this threshold, often surpassing $80 per barrel.
This development poses a challenge for the G7 nations plus Australia, who introduced this cap intending to weaken Russia's economy and curtail its capacity to finance the war in Ukraine.
Russia has circumvented this limitation by utilising older vessels and bypassing Western services such as shipping and insurance. As a result, the cap has not significantly reduced Russia's revenue as initially anticipated. EU officials are now contemplating strategies to enhance the effectiveness of this cap.
Russian oil sales have soared above the $60 price cap
Coming up:
The US is now importing more from Mexico than China
The euro area is expected to grow less than initially thought
The $2 trillion interest bill that’s hitting governments around the world
Visualising America’s $1 trillion credit card balance
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