This year, oil prices have jumped by more than 10% due to a decrease in its production in Russia and Saudi Arabia. And this is only to Russia's advantage, given the «ceiling» of prices imposed by the G7 countries in the amount of $60 per barrel. In addition to this restriction, Russia has lost the ability to insure sea cargoes of oil in the West. Nevertheless, the shipping of vessels continued, despite the lack of insurance for more than half of the total volume on tankers. This, experts believe, could increase the cost of Russian oil. Now prices are approaching $100 per barrel, which increases inflation risks for the United States, but it turns out to be beneficial for the Russian economy, replenishing its coffers. In August, 75% of oil shipments from Russia were carried out without Western insurance, which is higher than the spring figures of 50%. At the same time, the refusal to use Western oil export insurance is one of the key tools to comply with the G7 «ceiling» of $60 per barrel. These factors imply that Russia can now sell oil more expensive than the established limit, increasing export revenues. For example, export revenues in August amounted to $17.1 billion against $15.3 billion in July.
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