Russia misses out on $8 billion in January due to oil price cap
While oil markets have stabilized, Moscow's oil and gas export revenues have fallen (Photo:Reuters / Pascal Rossignol)
The price ceiling on Russian oil deprived Moscow of $8 billion in revenues in January, Reuters reported on Feb. 5, with reference to the executive director of the International Energy Agency, Fatih Birol.
Birol said the restriction on prices for Russian oil has achieved its goals. In particular, the oil markets have stabilized and Moscow's revenues from oil and gas exports have fallen.
Reportedly, Russia's revenues probably plummeted by almost 30% in January, or by about $8 billion, compared to a year earlier.
On Dec. 3, 2022, the EU Council set the price cap for crude oil exported from Russia by sea at $60 per barrel. This price ceiling was previously agreed upon by the G7 countries along with Australia.
Ukrainian President Volodymyr Zelenskyy gave a lukewarm reaction to the move, saying that such a price limit was "half-hearted."
On Feb. 4, the EU Council officially approved the price cap for petroleum products produced in or exported from Russia.
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