Russian oil is sold at twice the price of world markets.
Bloomberg writes about it.
Urals crude oil costs $37.80 per barrel at the port of Primorsk. The global benchmark, Brent, is trading at $78.57. The Urals figure is also significantly lower than the price limit that the G7 countries have imposed on Russian oil. It is $60 per barrel.
Restrictions on Russian oil came into effect on December 5, 2022. The introduced price limit allows Russian oil to be shipped to third countries by sea, using tankers from the "7" countries or the EU, insurance companies, and credit institutions, only on condition that the cargo is purchased at a price not higher than the established upper limit. Since the worldʼs key shipping and insurance companies are based in the countries of the G7 or the European Union, the restriction should make it difficult for Russia to sell its oil at a higher price.
- On October 6, 2022, the European Union approved the eighth package of sanctions against Russia. It contains a ban on the import of Russian products worth €7 billion and a cap on oil prices.