Russia’s Oil Revenues Sag Due To Price Cap Says U.S. Treasury

Russia’s revenue from the sale of crude oil has sagged considerably since the implementation of the price cap by Western countries, the U.S. Treasury Department said on Thursday in a post on its website. “The Price Cap on Russian Oil: A Progress Report,” published on Thursday by the U.S. Department of the Treasury, tells a story of “two seemingly contradictory goals”: restricting crude oil revenues and maintaining the supply of Russian crude in an effort to choke off Russia’s funding for its war in Ukraine. The…