Company and Market Update — 14 November 2023

Western officials and Russian export data indicate that the US-led price cap on Russia's oil sales is being largely bypassed, undermining economic sanctions against Moscow. European officials are discussing ways to reinforce the cap, such as strengthening enforcement or restricting Russia's access to the used oil tanker market. Russia's ability to circumvent the cap has dealt a blow to efforts to limit funds flowing to the Kremlin, and concerns are growing about the impact on Ukraine. Despite these challenges, Western officials remain committed to the price cap and aim to change Russia's incentives.