Russia's Fuel Market and US Sanctions on Russian Oil

Russia's Deputy Prime Minister Alexander Novak discusses the domestic fuel market with oil producers, focusing on stabilizing fuel prices and preventing shortages. The US imposes sanctions on maritime companies and vessels for shipping Russian oil above the G7's price cap. Russia exports over 99% of its seaborne oil at prices exceeding the price cap, relying more on a shadow tanker fleet. The US believes that the price cap on Russian oil is effectively reducing Moscow's revenues and stabilizing energy markets.