"Rising Oil Prices: Inflation Concerns, Boost for Russia"

Oil prices nearing $100 a barrel are causing concern for central banks fighting inflation, but it's good news for Russia. Output cuts from Saudi Arabia and Russia have boosted oil prices by over 10% this year, benefiting Russia's oil revenues. Russia has been able to ship half of its seaborne crude without Western insurance, potentially selling at higher prices and bypassing the $60-a-barrel price cap imposed by G7-led sanctions. Higher oil prices have increased Russia's energy export revenues, with the Kremlin raising $17.1 billion from crude exports in August. Despite sanctions, Russia's wartime economy is getting a boost from defense and government spending.