Russia’s flagship crude oil surpasses G-7 price cap for first time

Russia’s flagship Urals crude oil has, for the first time, surpassed the price cap set by Group of Seven nations in an effort to cut the Kremlin’s funding for its war in Ukraine.

Urals crude topped $60 a barrel Wednesday, according to price reporting agency Argus.

Exceeding that threshold could allow Moscow to claim a win of sorts by showing that Russia can distribute its barrels to buyers around the world without help from western firms.

The price cap allows Russian oil to be transported with western ships and insurance only if it’s priced below the threshold.