Researchers said on Wednesday that the Kremlin is still earning substantial cash to fund its war in Ukraine because the $60-per-barrel price cap was ‘too lenient’
A price cap and European Union embargo on most Russian oil have cut into Moscow’s revenue from fossil fuels, but the Kremlin is still earning substantial cash to fund its war in Ukraine because the $60-per-barrel cap was “too lenient,” researchers said Wednesday.
Russia would lose an additional 120 million a day starting Feb. 5, when the EU bars imports of refined oil products such as diesel fuel, for which Russia is a major supplier. That would drop Moscow’s earnings to €520-million a day by February. Western governments have struggled to find a way to cut into the fossil fuel income that is the main funding source for Russia’s government budget and its war against Ukraine. Early rounds of sanctions mostly avoided blocking oil and natural gas shipments. That’s because the European Union had been heavily dependent on Russian fossil fuels to run its economy and because sharply higher energy prices early in the war helped send inflation through the roof in Europe and the United States.
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