Treasury Publishes Analysis of Price Cap on Russian Oil

The Treasury Department published an analysis of the Russian oil price cap last week, saying that sanctions enforcement is “successfully forcing” Russia to sell oil at a discount, although Russian oil export markets have remained stable. The analysis includes data that tracks the price of Russian oil over the last two years and analyzes how the country’s revenue and exports have changed over time.

The group of countries implementing the price cap “remains focused on further reducing Kremlin profits while maintaining market stability and energy supply,” Treasury said. “Our approach leaves Putin with no good options: he can either sell his oil under the price cap for much less than other global suppliers or face high costs to export it through non-Coalition avenues.”