The new price cap on Russian oil will not deliver the fatal blow to Putin’s war machine, maybe not even a bruise
The Kremlin’s ability to pay for its war in Ukraine depends largely on the sale of hydrocarbons. Oil and natural gas represent 20 per cent of Russia’s GDP and haul in almost half of its budget income. Cut that Volga-River-sized flow of cash into the Russian money vaults and President Vladimir…
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