A group of scientists said Russia received far more money from the sale of crude oil than previously thought, even after the cost cap and embargo came into effect. This statement is proven by the calculations of scientists from the Institute of International Finance at the universities of Columbia and California. For the West, knowing the real export price of oil from the Russian Federation was a very unpleasant surprise, especially after four weeks of price caps.
The analysis shows that Russia was selling commodities at an average price of around $74 per barrel. The study is reflected in the article “Assessing the impact of international sanctions on Russian oil exports”, published in the journal Social Science Research Network.
Scientists did not find such a large discount on domestic supplies as that reflected in Urals oil prices at the end of 2022. In particular, quotations in market segments not affected by the decline in the Demand in Europe, such as exports from Russian Pacific ports, have not declined significantly and shipments appear to exceed the price cap.
Moreover, the unexpected discovery that a significant share of Russian crude oil is being sold well above the price cap of $60 a barrel calls for more urgent investigation into these transactions and the need for stricter enforcement. .
— said the authors of the survey.
They recommend an immediate adjustment to the price cap legislation.
Photos used: pxhere.com
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