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Nearly 10 months into Russia’s war on Ukraine, the U.S. and its allies are still trying to find ways to weaken Russia’s economy. On Dec. 5, a ban on all imports of Russian oil by ship went into effect, and more than three dozen countries have agreed to place a price cap on the oil Russia can sell.

  • The price cap was set at $60 a barrel to deprive Russia of oil revenues while also not shocking the global oil market, Ben Cahill, senior fellow at the Center for Strategic and International Studies, said.
  • Russia’s oil industry has lost technical partners and investment partners, and a lot of companies are refusing to do business with Russia, according to Cahill.
  • Minimizing oil revenue is the key to creating pressure on Russia’s economy, Cahill explained.

 

SEE ALSO | Institute of International Finance predicts Russian economy will drop by 15% this year

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