$XRP $XRP New EU sanctions, which include a flexible price cap on Russian oil, could deprive the Russian budget of every fifth ruble of planned oil and gas revenues, forecasts Freedom Finance Global.
According to analysts' estimates, due to the new cap mechanism, which will now be set 15% below market average prices, the Russian treasury will miss out on 1.5 trillion rubles in raw material taxes annually. This is about 18% of the amount that the Russian Ministry of Finance planned to collect this year (8.9 trillion rubles), reports The Moscow Times.
The oil 'cap' introduced at the end of 2022 was set at $60 per barrel: at a price above this, it was prohibited to transport 'black gold' from Russia on Western tankers and insure it with Western financial institutions. The new cap, according to the European Commission's decision, will be $47.6 per barrel, and its next review will take place in three months.
