Putin facing OWN energy crisis as Russia tipped to ‘lose oil revenues’ within MONTHS

He also predicted that the price cap would be likely half the current $80 (£67.65) per barrel that Russia receives.

EU rejecting Russian oil could be a major blow to Russia, as Europe imported nearly half of Russia’s crude and petroleum product exports before the invasion of Ukraine, according to the International Energy Agency (IEA).

Mr Ustenko also demanded that the West impose a price cap on Russian gas, however Politico noted that given Europe’s heavy dependence on natural gas imports, that proposal has so far been “a no-no”.

Despite this, experts like Amy Myers Jaffe, the managing director of the Climate Policy Lab, and Joe Webster of the Atlantic Council have argued that Russia could lose the long game when it comes to gas.

READ MORE: Putin’s cash cow dealt huge blow as Russian gas exports plummet

Article source: https://www.express.co.uk/news/science/1659591/putin-news-facing-own-gas-crisis-russia-lose-oil-revenues-price-cap-eu-gazprom-ukraine-war