When western nations rolled out a grand plan to throttle Russian oil imports and impose sanctions on Kremlin energy exports, we – and many others – laughed: after all, we have repeatedly seen how toothless western sanctions are when seeking to contain “rogue regime” oil profits, from Iran (which is pretty much selling oil to China at max capacity) to Venezuela and onward. One year later, our laughter has been well justified, because as the FT reports , “Russia has succeeded in avoiding G7 sanctions on most of its oil exports”, a shift in trade flows that will boost the Kremlin’s revenues as crude rises towards $100 a barrel, and as Russian Urals prices hit $80, the highest level in over a year. According to the report, almost 75% of all seaborne Russian crude flows traveled without western insurance in August, the only lever used to enforce the G7’s […]
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