Russia's oil revenues fall sharply as the West's price cap starts to bite, IEA says

The International Energy Agency connected Wednesday said Russia's lipid export revenues fell sharply successful February, prompted by bans and terms caps designed to curtail President Vladimir Putin's quality to concern the war successful Ukraine.

The IEA said Russia's estimated lipid export revenues fell to $11.6 cardinal past month, down $2.7 cardinal from January erstwhile volumes were importantly higher.

"It remains to beryllium seen if determination volition beryllium capable appetite for Russian lipid products present that the terms headdress is successful spot oregon if its accumulation volition commencement to autumn nether the value of sanctions. Revenues are already dwindling," the radical said successful its latest lipid marketplace report.

The vigor bureau said, citing the Russian concern ministry, that Moscow's fiscal receipts from lipid income were conscionable 45% of the level from a twelvemonth earlier.

The latest figures travel soon aft the IEA said successful mid-February that the West's lipid warfare against Russia appeared to beryllium having the "intended effect" contempt amazingly resilient accumulation and exports successful caller months.

Ukrainian officials and campaigners person previously called for Western policymakers to ramp up the fiscal unit connected Russia by targeting its lipid revenues successful bid to assistance Kyiv prevail.

The European Union's embargo connected Russian lipid products came into effect connected Feb. 5, gathering connected the $60 lipid terms headdress implemented by the Group of Seven large economies connected Dec. 5. The second measurement besides coincided with a determination by the EU and U.K. to enforce a prohibition connected the seaborne import of Russian crude oil.

Asked connected Tuesday whether helium was acrophobic past twelvemonth that the Russian system mightiness person collapsed owed to planetary sanctions, Putin said helium had been disquieted but that Russia's "economic sovereignty" present was a large result. The foundations of Russia's economical stableness were "stronger than anyone thought," helium added.

Putin said Russia's fiscal strategy had got stronger and that Western companies that near Russia past twelvemonth thought the system would illness "but it didn't."