Sanctions bite Russian economy

 Independent:

Russia’s economy is beginning to “feel the pinch” after the G7 and other countries imposed a price cap on the country’s oil exports, an expert has said.

Nicholas Farr, emerging Europe economist at Capital Economics, said it was “too early” to fully assess the impact of the sanctions but the “initial signs” suggested that they had negatively impacted oil exports.

“High-frequency data show that Russian oil exports have fallen since the sanctions were introduced and the spread between Brent crude oil prices over Urals oil prices widened to a six-month high [last] week,” he said.

In December the G7 countries, the European Union and Australia agreed to a $60-per-barrel price cap on Russian seaborne crude oil because of Russian president Vladimir Putin’s war in Ukraine.
...

The war in Ukraine has been a colossal mistake for Russia and the Western sanctions are having an impact on the Russian economy too. 

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