The report reveals that Russian crude oil supplies surged by a staggering 50% during the spring, despite concerted efforts to limit the country's capacity to finance its aggression in Ukraine by the G7, the European Union, and Australia, which, last December, established a price cap of USD 60 per barrel on Russian oil.
The Financial Times report, which references estimates from the Kyiv School of Economics (KSE), points out that Russia's oil revenues are still poised to increase. The rise is attributed to ongoing surges in crude oil prices worldwide, coupled with a decreased discount on Russian oil itself.
According to the Financial Times, nearly three-quarters of all Russian seaborne crude exports in August were uninsured by Western companies. This statistic underscores Russia's ability to navigate around the sanctions, continuing to sell oil on the global market with limited repercussions.
Moreover, Russia has experienced a significant 30% drop in its seaborne diesel and gasoil exports during the initial 20 days of September, amounting to approximately 1.7 million metric tons. This decline, compared to the same period in August, follows a recent Russian ban on gasoline and diesel exports to most countries. This ban is expected to further tighten global supplies, potentially aggravating the energy crisis in certain regions.
(jh)
Source: Financial Times, Reuters
