Russia's Oil Exports Soar as it Evades G7 Price Cap Sanctions
Russia's oil export revenues are expected to rise by $15 billion this year as the country evades the G7 price cap by shipping three-quarters of its oil overseas without Western insurance. This move allows Russia to become a more independent seller and benefit from the rally in oil prices. Despite assurances from the U.S. Treasury Department that the price cap is working, analysis of shipping data suggests that Moscow is becoming more adept at circumventing the cap. Critics argue that enforcing the price cap is challenging, while circumventing it is relatively easy.