{"id":8696,"date":"2023-11-14T13:22:33","date_gmt":"2023-11-14T13:22:33","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=8696"},"modified":"2023-11-14T13:22:33","modified_gmt":"2023-11-14T13:22:33","slug":"almost-no-russian-oil-is-sold-below-60-cap-say-western-officials","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/8696\/","title":{"rendered":"Almost no Russian oil is sold below $60 cap, say western officials"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0The European Union is considering toughening up the sanction enforcement on evaders of the price cap on Russian oil, almost none of which now trades below the ceiling of $60 per barrel, the Financial Times\u00a0reported<\/a>\u00a0on Tuesday.<\/p>\n

The price cap mechanism set by the G7 and the EU says that Russian crude shipments to third countries can use Western insurance and financing if cargoes are sold at or below the $60-a-barrel ceiling. The measure took effect at the end of 2022 when the EU imposed an embargo on imports of Russian crude oil.<\/p>\n

But Western officials are increasingly concerned that Russia is selling nearly all of its crude above the price cap.<\/p>\n

\u201cAlmost none\u201d of Russia\u2019s crude shipments in October were executed below the cap, a senior EU government official told FT.<\/p>\n

\u201cThe latest data makes the case that we\u2019re going to have to toughen up,\u201d the official said.<\/p>\n

\u201cThere\u2019s absolutely no appetite for letting Russia just keep doing this.\u201d<\/p>\n

In the past weeks, EU officials have discussed tougher sanction enforcement, according to FT.<\/p>\n

Last month, the United States\u00a0took a tougher stance\u00a0on the sanctions against Russia and sanctioned two vessels for violating the price cap.<\/p>\n

The U.S. is also reportedly working to further clamp down on price cap evasion.<\/p>\n

The U.S. Department of the Treasury has requested information from ship management companies about 100 tankers it suspects of violating Western sanctions on Russian oil, Reuters\u00a0reported<\/a>\u00a0this week, citing a source who has seen the notices the Treasury has sent.<\/p>\n

As a result of the stricter sanctions enforcement, shipping rates for transporting Russian crude have surged, traders have told\u00a0Reuters<\/a>.<\/p>\n

Earlier this month, Russian government data showed that the average price of the flagship Russian crude grade, Urals, was $81.52 per barrel in October 2023. That\u2019s higher than the average Urals crude price for the same month of last year, $70.62 per barrel.<\/p>\n

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But this month, the price of a barrel of Urals shipping out of Russian ports has retreated\u00a0to levels close to the G7 price cap after higher freight rates and falling Brent crude prices dragged it down, Reuters has calculated.<\/div>\n<\/div>\n<\/div>\n
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