As a result of the cap on the price of Russian oil, Moscow's export earnings have decreased by about 160 million euros ($172 million) per day.

This is reported by Bloomberg with reference to the report of the Finnish Center for Energy and Clean Air Research (CREA). 

According to the forecasts of Finnish researchers, the decrease in income received by the Putin regime from the sale of oil will increase to 280 million dollars per day after the restriction on the export of crude oil to Russian petroleum products will be extended from February 5.

The report emphasized that these figures are proof that G7 price caps, as well as related sanctions imposed by the European Union, are affecting Russia's military machine.

Already now, the price of a barrel of Russian crude oil is half the world price of oil. 

"The EU embargo on oil imports, as well as the crude oil price ceiling, have finally come into force, and the impact is as significant as expected," said Laurie Millivirta, chief analyst at CREA. 

However, the Kremlin is skeptical of CREA analysts' calculations.

Kremlin spokesman Dmytro Peskov said it was too early to assess the impact because "the global energy market is too volatile and Russian oil exporters have yet to come face-to-face with customers who adhere to the price ceiling."

As you know, India, China and Turkey, the main buyers of Russian oil, did not join the initiative of the West to limit prices for Russian oil.

Last month, Russian President Vladimir Putin signed a decree banning the supply of oil and petroleum products for five months from February 1 to countries that adhere to the Western price ceiling. 

Analysts from the Center for Energy and Clean Air Research claim that the European Union should analyze ways in which it could increase pressure on Moscow.

For example, further reduction of the price ceiling to 25-35 dollars per barrel from the current 60 dollars per barrel will reduce Russia's income from crude oil exports by another 100 million euros per day. 

"It is important that the price ceiling be lowered to a level that does not allow the Kremlin to capture taxable profits from oil exports, and that the remaining imports of oil and gas from Russia be limited," Laurie Millivirta said. 

To counter it, Russia may cut production, which will lead to an increase in global oil prices, since the aggressor state is the second largest oil producer in the world.

We will remind, the Deputy Prime Minister of the Russian Federation Oleksandr Novak said that oil production in Russia may be reduced by 500-700 thousand barrels per day as early as 2023. 

Read also:

  • Exports of Russian oil by sea collapsed after the introduction of a price ceiling - WSJ

  • How do sanctions work and when is the deepest fall in the Russian economy expected: the expert answered

  • The Russian "expert" proposed a way out of the oil crisis in the Russian Federation: bomb another neighboring country (video)