Western Sanctions Are, Paying Off As Russian Oil , Revenues Fall.<br />According to the International Energy Agency, <br />Russian oil revenues fell in November despite a boost <br />in production to just below levels prior to the Ukraine invasion.<br />'The Guardian' reports that the falling revenue <br />is a sign that Western sanctions and other efforts <br />to cut off Russia's income have been successful. .<br />'The Guardian' reports that the falling revenue <br />is a sign that Western sanctions and other efforts <br />to cut off Russia's income have been successful. .<br />In November, the IEA estimated <br />that Russia earned just <br />$15.8 billion from oil sales. .<br />That is the second-lowest monthly <br />earnings Russia has reported this year <br />after bringing in just $14.7 billion in September.<br />The dipping revenue report comes despite Russia <br />increasing its export of crude oil to 8.1 million <br />barrels per day, its highest level since April.<br />In December, the EU and G7 introduced <br />a $60-a-barrel price cap on Russian oil.<br />On December 14, the price <br />of non-Russian oil had climbed <br />to about $81 a barrel.<br />President Vladimir Putin has said the cap will<br />not have a significant impact on Russia’s economy<br />but could harm the international energy market.<br />President Vladimir Putin has said the cap will<br />not have a significant impact on Russia’s economy<br />but could harm the international energy market.<br />Putin has also warned that the cap <br />may force Russia to cut production.<br />While lower oil prices come as <br />a welcome relief to consumers faced <br />by surging inflation, the full impact <br />of embargoes on Russian crude and <br />product supplies remains to be seen, International Energy Agency, via 'Newsweek'.<br />While lower oil prices come as <br />a welcome relief to consumers faced <br />by surging inflation, the full impact <br />of embargoes on Russian crude and <br />product supplies remains to be seen, International Energy Agency, via 'Newsweek'
