Energy Minister Herman Halushchenko noted that the beginning of the European Union oil embargo will reduce the Russian Federation's income by at least 40% in 2023.
He wrote about this on Facebook, the Ukrainian News Agency reports.
"The start of the EU oil embargo will reduce oil and gas revenue of the Russian Federation by at least 40% in 2023. This, in turn, will lead to a reduction in oil production by approximately 20% already at the beginning of next year," he wrote.
The implementation of the decision to limit prices will be consistent with the schedule of the sixth package of sanctions of the European Union, which provides for the establishment of an embargo on oil - from December 5, on oil products - from February 5, 2023.
"Russia has always been dependent on petrodollars. In the second quarter of this year, its oil and gas revenues accounted for about half of budget revenues. This year's high oil prices fed the Russian coffers even despite the decrease in sales, but this trend is already changing," the minister emphasized.
As Ukrainian News reported, the countries of the G7 (USA, Canada, Great Britain, Germany, France, Italy, Japan) agreed to introduce price restrictions on Russian oil.
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