The price ain't right

A Global Witness investigation found that up to 20 million barrels of Russian ESPO crude, valued at $1.5 billion, were likely sold above the G7 price cap of $60 per barrel between December 2022 and January 2023. The report highlights the involvement of British and European shipping, insurance, and trading firms, while noting a severe lack of enforcement and attestation collection by authorities in Switzerland, Greece, and the UK.

• Between December 2022 and January 2023, the average price for the Russian ESPO crude grade was $76 per barrel, never dropping below $68, which is significantly above the G7 price cap of $60 per barrel.
• Analysis of ESPO shipments from the port of Kozmino to China indicates that approximately 50% of trades—representing over 20 million barrels valued at $1.5 billion—should have been subject to the price cap due to the involvement of Western trading, shipping, and insurance firms.
• Western industry involvement in ESPO trade is significant, with 19% of cargoes transported by Greek shipowners and at least 42% using British or European insurance as of February 2023.
• The report identifies Paramount Energy and Commodities SA, a Geneva-based firm, as the seller of 25% of ESPO traded through January 31st, noting a shift in exporter registration to a Dubai-based entity, Paramount Energy and Commodities DMCC, in June 2022 following the announcement of sanctions.
• Enforcement of the price cap is described as minimal; the UK's OFSI collected zero attestations from tier 1 oil traders and only five reports from tier 2 and 3 providers through February 15th, despite 12% of ESPO trades involving British firms.

APA

Global Witness (n.d.). The price ain't right. https://globalwitness.org/en/campaigns/fossil-fuels/the-price-aint-right/

Chicago

Global Witness. The price ain't right. n.d. https://globalwitness.org/en/campaigns/fossil-fuels/the-price-aint-right/.

Wikipedia

{{cite report |author=Global Witness |title=The price ain't right |url=https://globalwitness.org/en/campaigns/fossil-fuels/the-price-aint-right/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{globalwitnessndprice, author = {{Global Witness}}, title = {{The price ain't right}}, institution = {Global Witness}, url = {https://globalwitness.org/en/campaigns/fossil-fuels/the-price-aint-right/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }