Russia lost €34 billion in revenue since Western countries enacted a price ceiling on the country's oil one year ago, according to the Energy and Clean Air Research Center's (CREA) study published on Tuesday.
The EU oil import ban and G7 price cap, which worked mainly by lowering Russian oil prices compared to global prices to $60 per barrel, cut the country's oil export earnings by 14%.
The price reduction accounts for €32 billion in lost revenue, while the drop in export volumes accounts for a reduction of €2 billion.
The analysis showed that sanctions impacted Russian oil export revenues heavily for the first half of the year, peaking at losses of €180 million per day in the first quarter of the year.
Revenue losses shrank to €50 million per day in the second and third quarters, due to 'a failure to enforce, strengthen and consistently monitor the price cap.'
Losses later increased to €90 million per day in the last quarter of the year.
'The effectiveness of the sanctions has fallen due to insufficient monitoring and enforcement of the oil price cap policy that enables Russia to sell its oil at prices above the set cap level,' CREA argued.
In a bid to fight the effects of sanctions, Russia increased the use of shadow tankers to transport its oil.
Reporting by Ata Ufuk Seker in Brussels
Writing by Zeynep Beyza Kilic
Anadolu Agency
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