CREA estimates EU oil ban and price cap cost Russia €160m a day

The EU ban on Russian crude and the G7 price cap are costing Russia an estimated €160 million a day, the Centre for Research on Energy and Clean Air (CREA) said on 11 January. It says Russia's fossil fuel export earnings fell 17 per cent in December, to their lowest since the full-scale invasion, with crude exports down 12 per cent and prices down 23 per cent. CREA finds that Russia has not found a meaningful alternative to tankers owned or insured in the G7, and has earned €3.1 billion shipping crude on vessels covered by the cap. It recommends cutting the cap to $25–35 a barrel and raising penalties for tankers that breach it.

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