Russian oil price cap is hitting the Kremlin's export revenue and may widen its budget deficit, finance minister says

Dec 27 2022 by Business Insider

 
Russian Finance Minister Anton Siluanov.

Handout/Getty Images

The cap on Russian oil imposed by the West is hurting Moscow's export revenue, Finance Minister Anton Siluanov said.   The Kremlin's budget deficit also could grow beyond a planned 2% in 2023, he added.  His comments follow news last week that Russia could cut oil output by as much as 7%. 

The $60-per-barrel price cap on Russian oil is starting to hit the Kremlin's export revenue, Finance Minister Anton Siluanov said on...

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