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Oil Price Cap Costing Kremlin $170m per Day, Cost Set to Rise Further

RUSSIA
  • Bloomberg report that the budget gap reached $47b, or 2.3% of the size of the Russian economy, citing a government meeting on Tuesday. The preliminary data showed spending for the year was up more than a third compared to pre-war forecasts. A high deficit is likely for this year too as Russia plans to increase its military spending by a third, and Moscow’s oil revenues continue to be pressured by the EU/G7 oil price cap.
  • The price cap on Russian oil is costing the Kremlin around $170 million a day — and will rise to $280 million a day when the cap is extended to refined products next month — according to a report from a Helsinki-based research group cited by Bloomberg. The research organization said the EU should look to tighten the screws further on Moscow. Cutting the cap further to $25 to $35 per barrel would slash the country’s oil export revenue by at least another $107m per day.
  • President Putin will hold a government meeting today to discuss social support measures for Ukrainian regions that Russia annexed last year. Meanwhile, weekly inflation statistics will be reported at 1600 GMT/1900 local time (Prior 0.12% WoW).
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