Russia’s revenues from exports of oil and petroleum products have fallen by a third this year compared with 2022 due to price caps by a coalition of countries, it was announced on Wednesday.
“Russian tax revenues from exports of oil and petroleum products – Russia’s main source of income – were 32% lower in the January-November period” this year compared with the same period in 2022, the coalition countries said in a statement combining data from the G7, European Union and Australia.
In the first five months of 2023 alone, the drop in income was 50%, it was indicated in Washington in June.
The coalition countries also announced this Wednesday that they would tighten rules regarding the price cap on Russian oil, designed to reduce Russia’s ability to finance the war in Ukraine.
The price cap mechanism requires Russia to sell its oil at a maximum of $60 per barrel to coalition members Australia, Canada, the European Union, France, Germany, Italy, Japan, the UK and the US.
Thus, insurers and reinsurers are prohibited from covering the maritime transportation of Russian oil unless it is sold at a price below the maximum limit.
In a separate statement, the United States also announced new economic sanctions this Wednesday.
They are targeting “a ship manager (Sun Ship Management) owned by the Russian government, as well as several oil traders who became frequent participants in the maritime transport of oil of Russian origin after the introduction of maximum prices,” the department specified. Treasure.
These sanctions “demonstrate our commitment to comply with the principles of the price cap policy,” which is aimed at “supporting stable energy markets while reducing Russian revenues intended to finance its war against Ukraine,” the vice president commented. in the statement.
“Participants in the transportation of Russian oil (…) must adhere to the compliance guidelines agreed upon” by the coalition or “face consequences,” he warned.
Companies and individuals targeted by these sanctions have their assets frozen in the United States and all commercial activities with the United States are prohibited.