Japan buys a small amount of oil from Russia in February, at an average price of $68.5 a barrel, higher than the price cap imposed by the G7 countries and Tokyo declared its commitment to it, according to the Russian news agency TASS.
Japan bought a small amount of oil from Russia in February at an average price of $68.5 a barrel, higher than the price cap imposed by the G7 countries and to which Tokyo declared its commitment.
Japan imported 232.7 thousand barrels of Russian oil in February, worth $15.945 million, so the cost of buying a barrel is $68.52, which exceeds the Russian oil price ceiling of $60 per barrel, according to the Tass Agency.
This comes at a time when the International Energy Agency said Russian oil export revenues fell last month to their lowest levels in more than a year as buyers of the country’s barrels of crude largely complied. measure with the maximum price and the sanctions imposed on them.
The Energy Agency said yesterday that the flow of money to Russia from international oil sales reached 11.6 billion dollars last month, more than 40% less than the previous year.
Read more: Energy Agency: Price cap cuts Russia’s oil revenue to lowest level in a year
The export-weighted average price of Russian crude was $52.48 a barrel, up from a peak price of $60, according to International Energy Agency calculations based on data from Argus Media Group and Kpler. Estimates are based on the so-called free on board (FOB) price, which excludes shipping and insurance costs.
Western countries and their allies have taken various measures to curb Russian oil revenues, which are a major source of income for the national budget, in order to reduce the Kremlin’s ability to finance its war in Ukraine.
A consortium of countries has imposed a cap on the selling prices of Russian crude oil and refined products, which are designed to ensure the country’s energy flows to global markets while reducing revenues. The price restrictions reinforced the European Union’s signed import ban on nearly all seaborne shipments of Russian crude and oil products, depriving the Kremlin of what was its biggest energy market in history.