Oil Cap Costs Russia $170 Million a Day, Researcher Says
- Finland’s CREA says cap extension to boost impact on Moscow
- Kremlin says it’s too soon to estimate impact of price cap
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The price cap on Russian oil is costing the Kremlin €160 million ($172 million) a day, as the West tries to hobble Moscow’s war machine, a Finnish researcher said.
Lost revenues will rise to $280 million a day when the cap is extended to refined products from Feb. 5, the Helsinki-based Centre for Research on Energy and Clean Air said in a report. The research provides further evidence of how the cap imposed by Group of Seven nations — and associated European Union sanctions — are hitting Moscow. Russia’s flagship crude is already selling at less than half international prices.