A spokesperson for the European Union declined to comment when contacted by CNBC.Russia's revenue from fossil fuel exports had collapsed in December. It appeared to underscore the effectiveness of policymakers targeting Russia's oil revenues and sparked calls for even tougher measures to help Kyiv prevail.
The increase of export revenues in March resulted in a 5% month-on-month rebound in Russia's mineral extraction tax receipts in April, the report said — and an even larger increase is expected in May. "Unless the price cap coalition takes action to lower the price cap level and plug the enforcement gaps, changes to Russia's oil taxation structure will force the price of Russian crude oil closer to international benchmarks, leading to further recovery of Russia's oil revenue and wholesale failure of the price cap system," he added.
Together, the measures were thought to reflect by far the most significant step to curtail the fossil fuel export revenue that is funding Russia's war in Ukraine.
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