Russian Oil Trades Far Above the G-7’s Price Cap Everywhere (1)

Russian oil is trading far in excess of a Group of Seven price cap that’s supposed to deprive Moscow of revenue for its war in Ukraine, suggesting significant non-compliance with the measure.

The country’s flagship Urals grade is fetching about $75 a barrel at the point it leaves ports in the Baltic Sea and Black Sea, according to data from Argus Media, whose price assessments are followed by some G-7 nations involved in the cap. US officials are tracking the price increase, which they attribute to broader geopolitical dynamics, according to a senior Treasury official.

The cap requires that any ...