Western measures significantly contributed to a 17% decrease in Russian revenue from oil and gas exports in December 2022. European energy costs increased by 54% in the second half of 2021, as gas prices tripled and crude oil prices reached $105 per barrel.Īccording to the news agency CNBC, the EU’s ban on Russian seaborne crude oil imports and G7 countries’ price cap imposition cost Russia an estimated $171.8m per day. GlobalData reported that the volume of oil being transferred through Russian pipelines fell 37% year-on-year in the first seven weeks of 2022. We will not accept any price caps,” according to the Russian news agency Interfax. Yet the EU became Russia’s largest oil importer in December 2022, suggesting that, for all their sanctions and statements, European governments may simply be unable to function without significant imports of Russian oil.ĭmitry Peskov, the Russian president’s press secretary, said: “A decision is being prepared.
Since then, Japan, China, South Korea, Turkey and India have become the largest energy importers from Russia. The Centre for Research on Energy and Clean Air (CREA) estimates that Russia still makes around $688.3m per day from exports, which shows a significant decrease from $1,075.5m from March to May 2022. However, these caps have helped cut into Russian profits. However, the cap has allowed Russia to continue exports, with Reuters reporting in January of this year that the average price of a Russian barrel fell to $49.48, below the initial cap, rendering it largely ineffective This cap has also allowed Russia to export oil to ‘third-party’ countries, such as those outside of Europe, via G7 and EU tankers, insurance firms and financial institutions at or below $60 per barrel. The moves have aimed to keep the price of Russian oil low, to prevent Russia from making signifcant profits on their exports, while enabling Europe to satisfy its need for Russian oil. In December 2022, the EU agreed to impose a price cap of $60 per barrel for Russian seaborne oil, before shifting the “discount” cap down to $45 per barrel in February this year.
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