Limiting oil prices deprived the Russian Federation of $8 billion in revenue in January

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The price ceiling for Russian oil introduced by the G7 countries deprived the Russian Federation of $8 billion in revenue in January.

This was stated by the head of the International Energy Agency (IEA), Fatih Birol, reports Reuters.

In his opinion, limiting the price of Russian oil at the level of $60 per barrel has achieved its goals both to stabilize oil markets and to reduce Russia’s income from oil and gas exports.

So, according to the agency, Russia’s oil revenues probably fell by almost 30% in January, or about $8 billion, compared to last year.

Earlier it was reported that the West’s restrictions on the prices of Russian oil is worth 160 million euros (172 million dollars) per day to the Kremlin (about 5 billion dollars per month).

We remind you:

The G7 countries announced that they had agreed on December 5 establish a “price ceiling” for oilwhich is exported from the Russian Federation by sea, at the level of $60 per barrel.

The EU and the G7 agreed to implement from February 5 price ceiling for Russian petroleum products: $100 for Russian diesel and $45 for various oils.

The member states also gave a written commitment to revise the limit price for Russian crude oil in March. Now the price is $60.

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