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Value Of Russian Exports In Q1 Fell 35% On Oil Price Cap

OIL

The value of Russia's exports fell 35% year-on-year in the first quarter of 2023, partly due to the western price cap on Russian oil, Russia's central bank said.

  • "The cost of oil exports decreased both due to lower prices and because of the embargo and price ceiling by a host of countries on Russian oil and oil products," the central bank said.
  • "Russian oil prices have declined more strongly," the bank said. "The discount for Russian oil to Brent crude has widened, including because of the price ceiling."
  • It added, however, that a drop in oil exports to the European Union had been offset by an increase in sales to Asian countries seeking oil at a discounted price.
  • As the price of Russian oil has dropped below the Western price cap, large volumes are now not subject to any restrictions, the bank said.
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