The Biden administration is touting the success of the G7 price cap on Russian exports of crude oil and refi ned products as leaders ofthe group attend their annual summit in Japan on May 19-21. In a "progress report" released on Thursday, the US Treasury Department said that because of deep price discounts, the Russiangovernment's oil revenues have fallen to 23% of total budget revenues from 30%-35% before the invasion of Ukraine, even thoughexport volumes are 5%-10% higher. “Even as global oil prices have remained stable, the price of Russian oil has fallen signifi cantly —driving down the Kremlin's revenue," the report said.
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