MOSCOW, November 6. The ceiling on Russian oil introduced by the G7 is increasingly losing its effectiveness, writes The Wall Street Journal.
“Receipts from oil and gas to the Russian budget more than doubled in October compared to September <…>. This indicates a dramatic change in the situation since the beginning of 2023, when revenues from energy sales fell,” the article says .
As JPMorgan Chase noted, setting a cap on oil prices has ceased to be an effective measure, since as exports grow, Russia's improving trade position helps reduce pressure on the ruble, which has stabilized against the dollar in recent weeks.
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At the end of October, Foreign Policy already wrote that the West’s decision to set the upper limit on Russian oil prices at $60 per barrel did not harm Russia. Although at first these restrictions had an impact, today Moscow has fully adapted to them. In particular, it began to conduct increased trade with countries that did not support this move. However, the article says, supporters of the restriction offer various options for strengthening it — introducing sanctions against Russian oil companies and their foreign intermediaries. But this, Foreign Policy believes, will only harm the global economy.
According to the International Energy Agency, in September, Russian oil exports increased by 460 thousand barrels per day compared to August — to 7.6 million. Thus, Russia received its largest revenue since July 2022 in the amount of $18.8 billion.