FirstFT: Russia avoids G7 sanctions on most of its oil exports

Russia has managed to avoid G7 sanctions on most of its oil exports, allowing it to boost its revenues as crude oil prices rise towards $100 a barrel, according to an analysis by the Financial Times. The analysis reveals that almost three-quarters of all seaborne Russian crude flows in August were without western insurance, which is used to enforce the G7’s $60-a-barrel oil price cap. This percentage is up from around 50% in the spring, indicating that Moscow is becoming more successful at circumventing the cap and selling its oil at higher prices. The article also highlights the plans by Moscow to increase state spending by more than 25% next year, with its budget focusing on defence.