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Russian Oil-Price Cap Adds to Fiscal Pressure on Moscow
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Fresh Western curbs on Russian crude sales might not affect Moscow’s public coffers immediately, but they add financial pressure that threatens the country’s sanctions-stricken oil industry and long-term ability to fund the war in Ukraine.
Western countries on Monday imposed a price cap on international sales of Russian crude. The measures, aiming to strike at the Kremlin’s war chest, include a ban on seaborne shipments of Russian crude by the European Union and the U.K. The Group of Seven nations, meanwhile, put a ceiling on other sales by barring Western companies from insuring, financing or shipping Russian crude at above $60 a barrel.
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