Moscow’s trade partners have increasingly paid more for Russian crude than quoted prices suggest, Goldman Sachs said in a note, cushioning Russia from the impact of Western sanctions. The bank in a note dated 10 February estimated that the gap between the average effective price paid and the quoted price has widened since last March, and reached around $25 per barrel in December. “We argue that the resilience in production so far may partly reflect that the effective price paid for Russian oil appears significantly greater than the…
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