Oil price cap costs Russia $170m a day

Lost revenues will rise to $280 million a day when the cap is extended to refined products from February 5.

Report informs via Bloomberg that the price cap on Russian oil is costing the Kremlin €160 million ($172 million) a day, Report informs via Bloomberg.

“The EU’s oil ban and the oil price cap have finally kicked in and the impact is as significant as expected,” said Lauri Myllyvirta, lead analyst at CREA.

Russia has so far shipped €3.1 billion of crude on vessels covered by the price cap, the bulk of which is taxed by the government, CREA said.