Russian oil price caps have crushed Moscow's war revenue to start the year - despite widespread violations

• The Kyiv School of Economics found that the West's price caps have hit Russia's oil export revenue.
• That's despite widespread violations by Western shipping companies.
• Researchers said the sanctions have been ultimately effective but further enforcement is necessary.

A new study from the Kyiv School of Economics found that the West's price caps on Russian oil have been effective overall despite widespread violations.

Russian oil continues to flow on the global market, and Moscow's export revenues from oil and oil products dropped by $15.6 billion, or 29%, in the first quarter of 2023 compared to the prior quarter, KSE said.