The credibility of Russian oil sanctions is at risk if the West doesn't lower its price cap, think tank says
Russia's oil export revenue rebounded in March and April from earlier in the year as prices exceeded the West's cap, according toRevenue climbed 14% from February to April, hitting the highest level since November — a month before the price cap took effect.
In December, the European Union and G-7 countries banned companies in their jurisdictions from facilitating the export of Russian oil, unless it was sold for less than a $60 per barrel. But prices climbed above the cap in April, with European-owned and insured tankers still moving Russian oil, indicating enforcement was effective, CREA said.
The think tank proposed a price cap of $30 per barrel, which would be closer to Russia's production costs of $15 per barrel but still high enough to keep supplies flowing to global markets. A cap at that level would have slashed Russia's oil revenue by 37%, CREA estimated.
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