Russian Urals crude fell below the G7 oil price cap level of $60/bbl on Friday weighed on by an increase in freight rates due to new US sanctions on shipowners as well as weaker global oil benchmark prices, traders told Reuters.

• The US Treasury Department said on Thursday it imposed sanctions on three UAE-owned companies and vessels in violation with exporting Russian crude at levels above the cap.
• Freight rates for Urals oil from Russia's Baltic ports of Primorsk and Ust-Luga to India rose to $9.2-9.5 million per tanker per voyage as of Friday, from $8 million last week, traders said.
• Urals oil prices on a delivered ex-ship basis in Indian ports were stable at a discount of around $5/bbl to dated Brent, traders said.
• High transportations costs weighed on FOB prices for Russian Urals oil, which together with weaker Brent prices pushed Urals prices below the cap as of Friday, trades added.
• In addition, the EU is set to ban sales to Russia, or for use in Russia, of tankers, of any origin, for crude oil or petroleum products as part of the 12^th sanction package on Russia.
• The EU is also planning to impose requirement on ship operators to show itemised price information for freight and insurance to verify compliance with G7 price cap on Russian seaborne crude. - Contracts for sale of tankers by EU operators to also prohibit the re-sale and re-export of the ships for use in Russian crude transport, unless it complies with G7 price cap.