Western curbs on Russian oil sales might not affect Moscow’s public coffers immediately, but they add financial pressure that threatens the country’s sanctions-stricken industry
U.S. gas prices have been up and down throughout the year and now more uncertainty is on the horizon as a European Union embargo on Russian oil imports kicks in along with a price cap on crude out of Russia. WSJ explains how these moves could impact prices at the pump for Americans. Illustration: WSJVladimir Putin
“Nevertheless, we do not see this as a tragedy, companies will find interaction mechanisms among themselves to sell relevant products,” Mr. Novak said, as cited by state news agency TASS.Even before the West agreed on the cap, the Russian government had planned for budget deficits for the next three years and said it would tap into its sovereign-wealth fund to plug the gap.
A big question is how effective the price cap will be in practice. It is an untested market tool designed to limit Russian revenue while keeping enough of the country’s oil flowing to stem any big price rises.
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