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A US Treasury report in May 2023 highlighted that Russian oil exports were continuing to rise, providing stability in the world market, as planned, whilst Russia's revenue was being restrained by the price cap to $5–6 billion per month, compared with $8–15 billion a month in 2022.
Over the next three days, the increase in oil prices erased the previous week's losses. WTI climbed to $68.36 and Brent to $72.25 on August 25. Fuel demand in the U.S. was the highest since before the pandemic, U.S. crude inventories were the lowest since January 2020, and China reported fewer new COVID-19 cases. [59]
As part of the sanctions imposed on the Russian Federation as a result of the Russo-Ukrainian War, on September 2, 2022, finance ministers of the G7 group of nations agreed to cap the price of Russian oil and petroleum products in an effort intended to reduce Russia's ability to finance its war on Ukraine while at the same time hoping to curb further increases to the 2021–2022 inflation surge.
U.S. crude prices fell below $95 a barrel for the first time since April, following a decision by European Union member states to adjust sanctions to allow Russian state-owned companies to ship ...
As part of the sanctions which have been imposed on the Russian Federation as a result of the 2022 Russian invasion of Ukraine, on 2 September 2022, finance ministers of the G7 group of nations agreed to cap the price of Russian oil and petroleum products in an effort which was intended to reduce Russia's ability to finance its war on Ukraine and curb further increases in the 2021–2022 ...
America's European allies plan to follow the Biden administration and take steps to stop their use of Russian oil by the end of this year, a move that some economists say could cause the supply of ...
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(Bloomberg) -- European diplomats trying to reach a deal to curb Russian oil prices are wrestling with an awkward truth: Moscow’s main benchmark crude is already trading below the levels ...