Borrell: Russian losses due to EU sanctions on oil supplies to amount to €300M per day

Russia's losses due to the embargo from the European Union (EU) on oil supplies are expected to be almost €300 million euros per day, reads an article by Josep Borrell, EU High Representative for Foreign Affairs and Security Policy, or the Vanguardia newspaper, Report informs.

"Russian oil is sold at $40 cheaper than Brent crude, and Russia's daily energy revenues are expected to fall from €800 million to €500 million after our latest measures come into effect this month," he emphasized.

The sanctions of some countries against supplies from the Russian Federation came into force on February 5: the EU prohibits importing Russian oil products, while European countries and G7 members set a price ceiling for them. The decision of the EU to impose an embargo on both oil products and oil was taken in the summer. Oil sanctions came into force on December 5, fuel - two months later.

In response, the Russian Federation banned the export of Russian oil and oil products if the contract directly or indirectly imposes a price cap. At the same time, a presidential decree makes it possible to issue special permits. The export of oil with the price cap has been banned since February 1.