Russian Oil Revenue Plummets Over 40% Due to Price Cap, Forcing Steep Discounts

• Price cap on Russian oil reducing revenues, US analysis shows • Cap forces Russia to discount oil by $19 per barrel • G7 nations imposed $60 per barrel cap on Russian oil in 2022 • In 2023, Moscow’s oil tax revenue dropped over 40% from year before • US and allies took further action as Russia used "shadow fleet" to skirt cap