Bloomberg Law
Aug. 21, 2023, 3:01 PM

Russia’s Flagship Oil Above $60 Does Little to Halt G-7 Services

Alex Longley
Alex Longley
Bloomberg News

The price of Russia’s flagship oil may have jumped above a Group of Seven imposed cap but that has done little to impede the provision of western services for the trade.

The number of ships calling at the nation’s ports that are either western owned or insured has fallen slightly since early July — before Urals rose above $60 — but they still represent a vital part of Moscow’s petroleum supply chain.

About 40% of vessels lifting crude from Russia’s Baltic and Black Sea ports were owned by companies based in countries signed up to the cap. Before the threshold ...

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