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. The combination of the cap by the Group of Seven major democracies and the EU ban are costing Russia an estimated 160 million euros ($171.9 million) per day, the Helsinki-based Centre for Research on Energy and Clean Air said in a study of the first weeks of the sanctions, which took effect Dec. 5. 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. Read More
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