(Bloomberg) -- Oil’s mini rout on Thursday brought Russia’s flagship Urals crude prices back down toward a $60 a barrel price cap level set by the Group of Seven.

Crude shipped from the port of Primorsk in the Baltic Sea was assessed at $62.13 on Thursday, according to data from Argus Media Ltd, whose figures are central to how the policy is assessed. It fell by about $4.50, the same day-on-day decline as for Dated Brent, a benchmark for physical crude trades globally.

Since late last year, the G-7 and its allies have sought to impose a ceiling of $60 a barrel on Russian oil exports, preventing the use of services such as shipping and insurance if the price is above that. 

In recent weeks, the US has sanctioned some owners that it said breached the cap and written to others about potential violations, amid growing indications that the measures are failing to crimp Russia access to petrodollars to fund the war in Ukraine. 

The UK has also sanctioned a Dubai-based oil trader, while the EU has also published new ways of trying to prevent evasion of the policy. 

The discount between the average price of Urals and Dated Brent stayed at $14.67 about where it has been for the past week, Argus Media’s data show.

--With assistance from Alaric Nightingale.

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