The US-led price cap on Russia’s oil sales is being almost completely circumvented, according to western officials and Russian export data, forcing countries to explore ways to reinforce one of their key economic sanctions against Moscow.
One senior European government official said “almost none” of the shipments of seaborne crude in October were executed below the $60-a-barrel limit that the G7 and its allies have attempted to impose.
“The latest data makes the case that we’re going to have to toughen up . . . there’s absolutely no appetite for letting Russia just keep doing this,” the official said.
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