Five charts to start your day

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.

---

1. 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

If you would like to view these other charts, consider becoming a paid subscriber. It would help me a lot and the work I do. You can even opt to take out a free trial.