Report: Oil price cap takes small slice of Russia war chest

By DAVID McHUGH
Associated Press

FRANKFURT, Germany (AP) — Russia’s still making plenty of money from oil sales despite a price cap imposed by the Group of Seven major democracies. Researchers at Helsinki’s Centre for Research on Energy and Clean Air said in report Wednesday that the cap is too lenient at $60 per barrel. Lowering it could take away much of the Kremlin’s tax revenue that’s paying for the invasion of Ukraine. Still the price cap and a ban on most oil shipments to Europe are costing Russia an estimated 160 million euros a day. That’s a lot, but Russia is still taking in around 640 million euros a day.