India-China competition, OPEC cuts nudge Urals above price cap, 5 Apr

Russian Urals oil broke through the  $60 per barrel price cap on Wednesday ... three sources involved in Russian oil trade said and Reuters calculations showed.

That means it's working!

Prices in excess of the cap complicate trade for Russia, which has been excluded from the international financing system [SWIFT] by Western sanctions as [seaborne] Urals can only trade in dollars [nope], the currency of international Price Cap Coalition commodity trade, provided it is sold below the $60 limit. Otherwise another currency has to be used.

another currency? That's crazy talk. oh. look. another archive.org subscriber hack

Further price support came from a term agreement signed at the end of March by Russia's largest oil producer Rosneft (ROSN.MM) and India's top refiner Indian Oil Corp (IOC.NS).
[...]
The Urals oil price for a particular deal is normally calculated on the basis of a monthly or several-days average of Brent [?!] differentials. Given current ICE Brent and dated Brent prices, Urals oil cargoes on Wednesday traded slightly above $60 per barrel on a FOB (free on board) basis in Russian western ports, according to Reuters calculations.
[...]

< wipes tears > now do dated Arab Light "discount" SOKOL and ESPO far east ports. Last week, IN wanted a piece of "Power of Siberia".