Russia is still selling its oil at much higher prices than the $60 per barrel mandated by the G7 countries due to strong demand from China and India, Politico writes. It is noted that the West’s attempts to disrupt the Kremlin’s war against Ukraine by limiting oil prices has failed. Hopes that Moscow will run out of money for weapons and salaries for soldiers are evaporating.
Russia’s main oil brand, Urals, exceeded G7 limits in June and reached $80 per barrel. It is currently trading at about $75 per barrel.
“This means that Putin will be able to continue the war longer. High revenues from the sale of oil allow Moscow to buy more weapons and support the civilian economy,” the publication notes.
Russia is also selling more oil in physical terms, with seaborne exports rising 10% to 3.37 million barrels a day last month, well above the pre-war average of 3.1 million barrels.