The Biden administration is fending off pressure to lower the Russian oil price cap, insisting that it is achieving its intended goal of limiting Moscow’s oil revenue despite new reports that call the cap’s success into question.
Treasury Department officials have maintained that the cap has been successful so far in achieving its twin goals of driving down Russia’s oil revenue while also keeping its barrels on the market.And President Joe Biden told European Commission President Ursula von der Leyen during her White House visit last week that there was “no desire” in Washington to reduce the $60 cap price despite a push from some European countries, the Wall Street Journal reported this week.
Russian crude continued to sell for an average of $74 per barrel during the four weeks after the oil price cap came into force, researchers from Columbia University, the Institute of International Finance, the University of California, Los Angeles, and IE University said in a report published earlier this month.
Though it is not illegal for Moscow to use non-Western shippers to send its oil to non-sanctions coalition countries, such as China and India, the G-7-led coalition has not introduced any central repository to collect attestations from Western service providers or audit those who might not be complying with the cap.
Due in part to Russia’s stronger-than-expected exports, pressure is rising from some coalition countries to lower the capped price to cut into Russian President Vladimir Putin’s war chest. At least three European Union member countries, Estonia, Poland, and Lithuania, pressured the European Commission this week to lower the cap by 5% to $51.45 when it comes up for review at the end of the month, something the Biden administration has resisted.
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