Russian federation has “put up with” with the oil sanctions

Russian federation delivers oil to India on tankers insured by Western companies. Previously, moscow threatened to end relations with countries that imposed sanctions on Rosneft.

At least 7 shipments of Rosneft have been loaded onto tankers insured by Western companies since the introduction of the price limit on December 5. The destination of the vessels is oil refineries in India, the Financial Times reports.

According to the restriction, a carrier of russian raw oil can obtain insurance from a Western company only if buyers have paid less than $60 per barrel (d/b).

Many former buyers refuse to cooperate with a terrorist country. So russia is forced to sell its oil at big discounts. Currently, the russian Urals trades for only 42-45 d/b. For comparison, one barrel of Brent raw oil trades for $82.

Previously, USM wrote that vladimir putin signed a decree prohibiting the sale of oil and oil products to countries that prescribe a “price ceiling” in contracts.