ResearchPolicy2026-10-08
The Urals Price-Cap Red Line: How the Three-Document Set Holds $60
The G7 price cap sets a $60/bbl ceiling on Russian crude, with Urals trading at a Brent discount. Compliance rests on three documents — invoice, bill of lading, and attestation of vessel and voyage — where any showing a deal above the line triggers the shipping ban. SNSUC fronts the document check before the letter of credit opens.