The Wall Street Journal reported that Russia has achieved a victory in global energy markets in recent days, as it began selling its oil above the price ceiling set by the West.
According to Wall Street Journal that based on data from the commodities Argos Media company Russia has won the battle for influence in the global oil markets in recent days, as the trading price of its oil exceeded the price ceiling set by the West.
According to Argos Media, the price of a barrel of Russian oil of the Urals brand exceeded the level of $60 a barrel, for the first time since the United States and its allies imposed sanctions on Russian oil supplies.
In December 2022, the European Union and the G7 countries imposed a price ceiling on a barrel of Russian oil, banning European transport and insurance companies from providing their services if it was sold above the level of $60 a barrel.
As of February 5, 2023, a price cap has been imposed on the supply of petroleum products from Russia, with a cap set at $100 for petroleum products that sell at a premium such as diesel.
For its part, Moscow imposed a ban, starting from February 1, on selling its oil and products to parties that adhere to the price ceiling.