#Russia has successfully found ways to bypass the $60 price cap on oil set in December 2022 by the G7 countries, earning an extra $53 billion from this strategy in just the first three quarters of 2024.
The InsiderOil’s well that ends well: How Russian oil exports sail past the G7’s price cap — with European helpRussia has successfully found ways to bypass the $60 price cap on oil set in December 2022 by the G7 countries, earning an extra $53 billion from this strategy in just the first three quarters of 2024. Oil is being purchased above the cap by intermediary companies from the UAE and Hong Kong, as well as by national oil companies from India, Turkey, and China. Moreover, as The Insider has discovered, ships leaving Russian oil terminals in the Baltic are being lightened in European waters — despite a ban on importing Russian oil into Europe by sea. European ship owners are also involved in these schemes.