Russian companies overestimate transport costs in order not to raise oil prices. This was reported by the Financial Times.
According to the newspaper, Russia has again deceived everyone. The publication claims that Moscow is earning much more on oil than the West had assumed. They emphasise that the perfidy of Russian President Vladimir Putin is to blame for all this.
“Russian companies are making much more profit from crude oil sales than previously thought, thanks to inflated delivery costs”, the publication notes.
The newspaper’s analysts believe the fees rose by more than $1 billion in a single quarter. Russian entrepreneurs are selling crude oil to India at a price below $60 a barrel, which was imposed by Western countries in an attempt to curb one of Russia’s sources of revenue. When you consider that there are still shipping costs, RF and the traders that Russian producers work with are charging much higher amounts.
“An analysis of ships travelling directly from Russian ports on the Baltic to India indicates that these are overcharges. Combined with commissions earned from transporting oil on Russian-linked vessels, this could amount to as much as $1.2 billion in the three months to July,” the publication elaborates.
British Foreign Secretary James Cleverly believes that Russian President Vladimir Putin is becoming “more desperate and dishonest in his attempts to mitigate the effects of the price cap – something that has severely constrained Russian revenues since its introduction.”
“The 67-nation price restriction is designed to keep Russian oil flowing while reducing revenues that could be used to finance war. But the restriction, which imposes requirements on buyers, ship owners and insurers from the participating countries, does not impose any restrictions on the cost of transport,” the newspaper concludes.
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