According to Bloomberg, the price of Russian oil fell to $40 per barrel. This figure is the lowest since the start of the war in Ukraine.
The sharp drop in prices is due to several factors. First of all, Western countries' pressure on Russian oil trade has increased. In particular, new sanctions imposed against Rosneft and Lukoil companies are hindering exports. At the same time, oil is also becoming cheaper on the world market - the price of reference crude oil fell below $60 for the first time since May.
This situation has serious consequences for the Russian economy. According to experts' calculations, under current price conditions, Russia is losing billions of dollars in revenue every day.
It is known that revenues from oil and gas constitute approximately 25% of the state budget revenues of Russia. Consequently, the decline in prices and export volumes are putting significant pressure on the Kremlin's financial capabilities, including its war financing capacity.
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