Bloomberg: Russia sold oil significantly above the price cap in the first weeks

In the first weeks after the export price cap was introduced, Russian companies earned much more from selling their oil than the limit allows. This is according to calculations by a group of experts, including academics from the Institute of International Finance, Columbia University and the University of California. The research findings undermine the idea that price caps will limit Moscow’s revenues, which it uses to finance the war in Ukraine, Bloomberg reported.

According to the experts’ calculations, the average price per barrel of Russian oil in the first four weeks after the cap was introduced was 74 USD (almost 1,700 CZK) per barrel. That is roughly a quarter higher than the limit set on 5 December by the Group of Seven major economies, or G7, at 60 dollars per barrel.

The research findings are based on an analysis of customs invoices for the four weeks after the cap on sales to buyers around the world was set, as well as data from ports and pipelines. Russia itself does not provide access to this data.