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Russian Oil Price Cap to Stay at $60

RUSSIA

Bloomberg reporting that the European Commission has told member states that a $60-a-barrel cap on the price of Russian oil is proving effective in hurting the Kremlin’s access to petrodollars while not disrupting the market, and will therefore remain unchanged for now.

  • Earlier this month, the IEA said the flow of money into Russia from international oil sales fell to $11.6 billion last month, down more than 40% from a year earlier. February crude oil and product exports averaged 7.5 million barrels a day, the lowest since September, the agency estimated.

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