In the first quarter of this year, Russian oil in the Asian region was regularly purchased in violation of the price ceiling. It is reported by Bloomberg. The publication analyzed deliveries from the port of Kozmino and concluded that almost all of them were made at a price above $60.
At the same time, the agency points out that the average price of all Russian oil exports in the first three months of 2023 was $58.62. However, here too, the price cap introduced by Western countries turned out to have nothing to do with it.
Analysts believe that the reason for such low prices for raw materials was the embargo on deliveries to Europe than the price cap itself.
To enter new markets, Russia had to make big discounts. In addition, logistics costs have increased significantly.
Notes from Bloomberg.
There is another reason which, according to oil market analysts, led to the purchase of Russian oil above the price ceiling. According to them, the Russian Federation could conclude transactions in which the transport costs are passed on to the buyer. Thus, the price per barrel has increased significantly.
As Bloomberg notes, it is impossible to fully analyze the Russian oil export situation. Simply because some information is not publicly available and maritime deliveries are carried out by the so-called ghost fleet.
But one thing is clear – Asian customers from Russia have the option of breaking the price cap, and they are using it. Not all players openly say this, but large countries can easily afford it.
- summarizes the agency.
To put it simply, European sanctions in Asia are of no interest to anyone.
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