The price of a barrel of Urals grade crude oil shipping out of Russian ports has retreated to levels close to the G7 price cap after higher freight rates and falling Brent crude prices dragged it down, Reuters has calculated. The G7 imposed a price cap of $60 on Russian crude oil, with penalties for insurers and carriers who deal in Russian crude above that specified cap. For months, however, Russia has shipped much of its crude oil well above the cap—but the price that a barrel of Urals can fetch is now falling along with the price of Brent…
