Alongside the prohibition of Russian imports to the EU, the EU and G7 alliance (including Norway) has set a price cap of $60 per barrel of Russian crude oil. Companies from these jurisdictions are forbidden from providing shipping or insurance services to facilitate the trade of Russian oil unless the trade is verifiably below the price cap.
How much crude oil does Russia export a year?
Domestically, Russia refined the remaining 290 million tonnes of which 140 million tonnes were exported as refined products (11% of global refined exports) and 150 million tonnes were consumed domestically (BP). Figure 1 shows Russian average monthly crude oil exports in million tonnes for 2021.
How much does Urals oil cost?
Calculated prices for Urals oil cargoes loading from Baltic ports and Black Sea Novorossiisk were at $62.22 per barrel on Thursday and $63.22 per barrel, respectively, according to the data and calculations. The price cap of $60 per barrel was introduced in December by G7 countries.
