According to the US Treasury, Russia’s oil revenues have taken a major hit following the implementation of a price cap on Russian crude by the G7, European Union, and Australia. Since the introduction of the price cap at $60 per barrel, Russian oil revenues have plummeted by 40% compared to the previous year. Previously, oil revenues accounted for one-third of the entire Russian budget, but now they constitute only a quarter.
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#russia #sanctions #g7
48 Comments
Are they also calculating the price of oil is 70-75 dollars a barrel most oil producing countries have also took massive revenue lost when reviewed compared to the highs of 100 a barrel.
" Saddam Putsein the Great Loser" is rapidly sending Muscovy back to 1917.
This is false PR!!!! Biden Administration only lies..
Where are these numbers coming from? Do they include the "shadow" tankers that make up perhaps ~10% of the traffic?
"Everything is going according to plan."
Saddam Putsein
I do hope russia dont give the west nth go find other ways to feed ur ppl and get resource if u have any😂
😅😅😅nice😅😅😅
Oil revenue is the least of their worries…!
Russia is being hurled back into the stone age.
You gotta stand up to autocrats even if it means sacrifice…!
IT FUNNY HOW YOU BRING ON SOMEONE FROM UKRAINE
As Europe is in a recession, inflation is an all time high, and energy costs are much more expensive DW is reporting this is working…just cut off your nose despite your face…congrats
People really think Putin is the only president that controls the media😂 I want Ukraine to get all the support they need and win but is getting worst and worst here in the USA
Second largest Steel Foundry in Germany closed, 21 Chemical Plants shutdown in EU since Sanctions and Nordstream Sabotage.
Europe Natural Gas Prices are 2 to 5 times higher than before sanctions.
No Nordstream Disaster Recovery Effort only Significant Tax increases.
There is no plan to repair Nordstream so we should see ongoing EU Deindustrialization and shift of Market Share to Asia and China which have a tremendous non Sanction competitive advantage due to large Cost difference of Energy and Materials in respective Economies.
EU is cutting off Its Nose to spite Russia's Face via Sanctions.
The analysis is immature and incomplete.
Russia is Energy and Food self sufficient and can therefore sustain Sanctions indefinitely as it develops new Commercial Networks.
We now see Emergence of a Multi Polar Commercial World Network under BRICS Countries, major Commercial Contract Settlement Provisions moving from Dollars and Euros to Yaun, significant loss of Business to; Visa, Master Card and Western Financial Institutions as Mir Payment System evolves.
I encourage EU to do a wider Scope Impact Analysis of Sanctions to look at second and third order Sanctions effects.
Let me know if you need help doing this? My Bill Rate is $200/hr. + Expensess.
Glory to Ukraine!! 💖🇺🇦🔱✌🌻
price cap works by russia not selling energy to EU. biggest joke of the century.
G7 member buying Russian oil above Western price cap: One of the Group of Seven (G7) nations, Japan, has started buying Russian crude oil above the $60-a-barrel. Tokyo, which relies heavily on energy imports, reportedly got the concession from Washington, saying it needed it to ensure access to Russian fuel. Official statistics show that, in the first two months of this year, Japan bought around 748,000 barrels of Russian oil for approximately $70 a barrel.
An official at Japan’s Ministry of Economy, Trade and Industry stated that Tokyo wanted to ensure access to Sakhalin-2’s main product, natural gas, which is liquefied and shipped to Japan. “We have done this with an eye toward having a stable supply of energy for Japan,” the official reportedly said.
He explained that a small quantity of crude oil is extracted alongside the natural gas at Sakhalin-2 and needs to be sold to ensure liquefied natural gas (LNG) production continues. “The price is decided by negotiations between the two parties,” the unnamed official said.
The report pointed out that Russia accounts for nearly 10% of Japan’s natural-gas imports, most of it from Sakhalin-2, with volumes of purchases by Japan rising 4.6% last year in comparison to 2021.
Japanese officials were cited as saying it would be self-defeating to give up access to Russian LNG because Moscow could sell it to China.
Japanese Prime Minister Fumio Kishida announced late last month that the country’s companies would continue to participate in Russian energy projects on Sakhalin Island due to their importance for Tokyo’s energy security.
Western media is delusional.
Bs this won't work 😂😂😂😂😂 OPEC Plus has cut production to half it will be cut further
Russia's low revenues is because of lower production not really about the lower price… and with APEC+ lowering their production as well, it's the rest of the world that will suffer with forthcoming high oil prices… UE countries suffering record high inflation… so let's not fool ourselves that price cap is helpful in stopping the war in Ukraine but creating other forms of war that affects the rest of the world in worst ways.
In other news: "GENEVA – A top U.N. official said Thursday that he hopes for a breakthrough soon after months of efforts to ensure that Russian food and fertilizer can be shipped to developing countries struggling with high prices." -clickondetroit
Nobody mention about oil at $20. You think current oil price will bring down Russia.
The UK isn't in the EU and petrol is £1.30 /l as is diesel. It's cheaper than during the pandemic and dropping daily. About 60p of the price is duty and VAT. Pays for NHS and government services.
Sorry DW is posting disinformation. CREA data is pretty clear. Russian revenues and volumes spiked right after the war started until the summer and now finally has fallen back to prewar levels. Russian oil/gas volumes and revenues are at the same level as prewar. Revenues and volume are dropping recently due to mainly global economic downturn with interest rates causing demand destruction and drop in consumer spending across the board. Did this "expert" also imply at 3:50 that Russia is eating the cost of transport to places like Brazil. Is US LNG eating the cost of transport of LNG to Germany? No. Germany is paying both higher prices for energy and paying transport fees on top of that. India and China are doing the same. Google Russia fossil fuel tracker as endorsed by Jaishankar. The only drop Russia is seeing is refined oil products which is the result of India, China, UAE, Saudi, etc buying more Russian oil, refining it and selling it back to EU at higher prices.
Russia is the enemy
Ohhh USA Say that ? And you bring a ukranian to talk about that. Low revenues in Russia. Banks falling apart in USA ! All looks ok ! 😂😂😂😂
That is MASSIVE
Good now US can make more money to supply weapons to other countries.
sanctions dont effect russian katsaps keep them forever
SvileNKoNaC ne pali kod mene !!!!
Why do you lie 😢
Really good and confident analysis. Better grasp of the whole picture than other economists that we've seen interviewed about the crisis.
Good
Backfire 😂😂😂😂
Lol what a joke
Mother Russia's teats are shriveling up.
This is only known sales in my opinion defo some under the table sales to friends in arms and africa and china
-european spectator
And EU suffering their economy of that price cap
Nothing to do with the price cap 😂
Who's buying it
All lies
Do yall Ever Know wat yall Talking About! Or do yall Just 🔂 Repeat wat ur Told cause ur Afraid 😨!!, to loose ur Jobs!! Is Tis Why Saudi Arabia [CUT OUT PUT!!] Because their Tired of Bidens SANCTIONS is tis Why Alot of Countries r Turning to [BRICS!!] Cause their Tired of Being DICTATED TO! INDIA 🇮🇳 is Buying Russian Oil and selling it to Europe!! China 🇨🇳 🇨🇳 Growing Economy is Buying RUSSIAN 🛢 oil!! So Major Players Dont CARE about Bidens SANCTIONS!!!! The Russian economy is 🔮 predicted to GROW!!! In my View
1. I watch YouTube without ads in Russia, do they think we suffer from this? we book accommodation in Russia without booking, booking without money, maestro without money, who is worse off?
2. The Russian civil aviation industry to erect a monument to sanctions for its revival
3. it will take two years to replace the production of European machines with Chinese ones at factories in Russia
4. it will take two years to purchase oil tankers, build liquefied gas production and gas pipelines to China
5. if you go to a shopping mall in Russia, it's just that Western companies just renamed themselves and also work in Russia
I now heat my home by burning the ruble in my furnace very economical LOL
China and India are buying Russian energy and trying to sell it to Europe.
The EU nations have brought themselves to the brink of economic collapse in their efforts to levy sanctions against Russia. Then, sat by and watched the US commit an international act of terrorism by blowing up the Nordstream pipelines and made NO protest. The US made sure that the EU nations had NO access to cheap Russian gas and forced the EU nations to buy gas from the USA at 2-4x the previous price of Russian gas. Look at how many major corps have decided to shut down operations and relocate to areas with more reliable energy supplies; like India and S American countries that are buying Russian oil and gas still. At ABOVE the price cap the EU nations have set.
Russia should stop selling rare metals, diamonds to the West and prohibit the sale of EPL
Glory to the friends and defenders of Ukraine!
You can put a cap on anything but as long as you dont produce it and have ti oay for it, it is you who will end up suffering.
This is like a woke lady goes into a store and demand at the cashier that she only want to pay 60 dollars for everything that she grab from the shelf in that store.
What do you think will happen to this lady?
You might be able to do this at walmart in Chicago…
Last I heard, Russia was losing a few dollars per barrel on oil exports.
Молодцы, отработали свою копеечку, но не достаточно убедительно, чтобы в это поверить