Russian Crude Prices Topped U.S. Price Cap Last Month
first time since they began trying to pressure Moscow over its involvement in Ukraine. Russia's oil exports averaged $60 a barrel last month, above the price cap set by the U.S. and allies, according to the International Energy Agency.
Live coverage of the event
The International Energy Agency reported that Russia sold crude oil for more than $60 per barrel in average last month. This was the first time the U.S., and its allies, had set a price cap on Moscow's exports.
The policy is not necessarily the cause of the rise.
Introduced in December
The. has failed. Officials in the United States say that they do not mind if Russia earns more than the cap on sales handled by companies from outside of Western Europe. They claim that there is proof that India and other imported are able negotiate lower prices thanks to the cap.
Russian crude is still trading at a large discount to Brent, the international benchmark. The discount is shrinking, and a rally in Russian crude could occur.
Test the effectiveness of sanctions
Restriction of Moscow's oil revenue