Sanctions and export controls have made it hard for Russia to replace equipment lost in its invasion of Ukraine. Read more at straitstimes.com.
WASHINGTON - Russian government oil revenues plunged nearly 50 per cent in the first five months this year, US Deputy Treasury Secretary Wally Adeyemo said on Thursday, six months after a price ceiling was enacted.while making sure it keeps supplying the global market, a coalition involving the Group of Seven leading economies, European Union and Australia set a price cap of US$60 per barrel of Russian crude in December.
“Despite higher exports, Russia is making less money because its oil now trades at a discount of 25 per cent relative to other global oil,” he added. Russian officials have also cited pressure from dwindling oil revenues, the official added, although noting there is no plan for when the price cap would be abolished.
Instead, Russian authorities would calculate taxes by assuming a price that is a “fixed significant discount to Brent, the global benchmark,” Mr Adeyemo said, in his prepared remarks.
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