Russia’s flagship Urals crude oil has popped above the US$60 price cap for the first time | Forexlive

The Group of Seven last year set a US$60 price cap on Russian oil in an attempt to restrict revenue to Moscow’s warmongering.

According to Argus Media (price monitoring agency) reports Russian Urals crude topped $60 a barrel on Wednesday.

• Urals prices rose to $60.78 a barrel at the Black Sea port of Novorossiysk on Wednesday

The G7 stopped Russian oil being transported on Western ships — and with Western insurance — unless it was priced under the $60 threshold. Russia put together a fleet of ships big enough to transport its crude to buyers without the need for services from companies in G-7 countries. The price cap was designed to allow Russian oil to keep flowing into the global economy, but to lower the revenue.