Friday, December 2, 2022

What to know about the West's new efforts to slash Russia's oil revenue

An oil tanker is moored at the Sheskharis complex, part of Chernomortransneft JSC, a subsidiary of Transneft PJSC, in Novorossiysk, Russia, Oct. 11, one of the largest facilities for oil and petroleum products in southern Russia. The deadline is looming for Western allies to agree on a price cap on Russia oil.

Plans take effect next week that would ban most Russian oil imports from Europe and put a price cap on the oil going elsewhere. But Russia could still make money off oil to fund its war in Ukraine.

(Image credit: AP)

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