The Russian Central Bank indicated today, Thursday, that "the value of Russian exports fell by 35% year-on-year in the first quarter of 2023, partly due to the price cap imposed by Western countries on some Russian oil products." In its report, it stated: "The cost of oil exports decreased due to falling prices and the sanctions and price cap imposed by a group of countries on Russian oil and Russian oil products." The report noted that "the average price of Brent crude was $81 per barrel in the first quarter, down 18% year-on-year."
Decline of Russian Exports Due to Sanctions
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