US: Price caps on Russian oil show effect |

According to the US Treasury, Russia's oil revenues have taken a major hit following the implementation of a price cap on Russian crude by the G7, European Union, and Australia. Since the introduction of the price cap at $60 per barrel, Russian oil revenues have plummeted by 40% compared to the previous year. Previously, oil revenues accounted for one-third of the entire Russian budget, but now they constitute only a quarter.