Russian Urals Oil Price Breaches $60 Cap Despite Western Sanctions

Urals crude rose above $60 cap due to strengthening Brent prices and Russia's export cuts.
The cap was imposed by G7 to limit Moscow's revenues, but strong demand from India and China contributed to the breach.
The rise doesn't technically violate sanctions as price is based on monthly or multi-day averages.
Russia's ability to impact supply and prices makes its production cuts significant.
It's unclear how the breach may impact Western efforts to restrict Russia's finances.