Japan has been buying Russian oil above the $60-a-barrel cap agreed with its Western allies thanks to an exception allowed by the United States, according to a report by Fox Business, which said Japan relied heavily on imports for its energy needs and that Russian energy imports to Japan were “relatively small” and came mainly from the Sakhalin-2 project in Russia’s Far East.
G7 nations and Australia agreed to the price cap on seaborne crude oil to reduce Russia’s income from selling oil while preventing a spike in global oil prices, but it prohibited shipping, insurance and re-insurance companies from handling cargoes of Russian crude unless it is sold for less than the price cap, the report said, noting that an exception to the price cap was granted through September for oil purchased by Japan; and in the first two months of this year, Japan bought around 748,000 barrels of Russian oil for about $70 a barrel.
Read the full report: Fox Business.
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