News > Oil price cap takes small slice of Russia war chest

Oil price cap takes small slice of Russia war chest

A price cap and European Union embargo on most Russian oil have cut into Moscow’s revenue from fossil fuels, but the Kremlin is still earning substantial cash to fund its war in Ukraine because the $60-per-barrel cap was ‘too lenient,’ researchers said Wednesday. But the group’s figures showed that Russia was still taking in 640 million euros per day from fossil fuels, down from 1 billion euros daily from March to May 2022 just after the country invaded Ukraine on 24 February.