Ukraine war: Economic fallout
Business Daily
00:00
Is Russia Taking the Place of Other Countries?
The biggest question now is how Russia finances its war effort as a whole, says Alina Ribakova. Europe did finally join the US in applying an oil embargo on Russia at the end of last year. There's a price cap now that requires oil traders to pay no more than $60 a barrel for Russian crude and $100 for refined products. From December last year, we see that Russian revenue from fossil fuel has declined by 17%. We're seeing that the Kremlin is losing roughly 160 million euros per day.
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