Report: Oil price cap takes small slice of Russia’s revenue

By DAVID McHUGH and VLADIMIR ISACHENKOV
Associated Press

FRANKFURT, Germany (AP) — Russia’s still making plenty of money from oil sales despite a price cap imposed by the Group of Seven major democracies. Researchers at Helsinki’s Centre for Research on Energy and Clean Air said in report Wednesday that the cap is too lenient at $60 per barrel. Lowering it could erase much of the Kremlin’s tax revenue that’s paying for its action in Ukraine. Still the price cap and a ban on most oil shipments to Europe are costing Russia an estimated 160 million euros a day. But Russia is still taking in around 640 million euros a day. Kremlin spokesman Dmitry Peskov says he would view such assessments with skepticism and that “Russia will do everything to protect its interests.”