Russian oil price cap not as effective as hoped CanadiansInvest
In the weeks following the cap, Russia sold its crude oil for about US$74 per barrel on average
But according to calculations from academics at the Institute of International Finance, Columbia University, and the University of California, Russia took in more money in the weeks that followed the oil price cap.indicates that Russia sold its crude oil for about US$74 per barrel on average – well above the EU ceiling.
Bloomberg also reported that the discount Russia was offering to its major buyers was not as high as was being reported in the press. In a report about Chinese imports of Russian crude, Bloomberg noted, “Urals and ESPO crude were pegged at a discount of US$13 and US$8 a barrel, respectively, to Brent on a delivered basis.”
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