Russia is selling crude oil to India at prices of roughly $80 per barrel, new trading data show, roughly $20 above the capped price set by the G-7-led coalition in December and further padding Russia's coffers as its war in Ukraine drags on.
According to the data, reported by Reuters, Russia's flagship Urals grade crude is currently being sold at $80 per barrel, or 30% higher than the $60 cap imposed by the Russian price cap coalition last year. The price cap is a novel idea that was championed by Treasury Secretary Janet Yellen as a way to reduce Russia's war funding while also keeping its oil supplies on the market.
“Urals prices are on the rise again. Alternatives are much more expensive and not easily available,” one trader with knowledge of the Russian oil market told Reuters. The Treasury Department has claimed success in its implementation of the price cap, noting in a May progress report that Russian oil revenue in the first three months of 2023 had dropped by more than 40% compared to the same period in 2022, even as its oil sales volumes have increased by as much as 10%, largely due to increased sales to India and China.
Draft Russian budget documents show that the country expects its sovereign wealth fund to increase by 40% over the next three years, exceeding pre-war levels by 2026 on the backs of higher oil and gas revenues.
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