Sanctions and Price Caps Decimate Russian Oil Revenues

Tightening G7 sanctions, including a lowered crude oil price cap (e.g., to $47.60/bbl), have severely constrained Russia's oil export revenues, which have reportedly fallen to their lowest since the start of the conflict. This is forcing Russian crude grades (like Urals) to trade at deep discounts, disrupting global trade routes and pushing more oil into the 'shadow fleet.
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