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The EU countries, in agreement with the G7 countries, will introduce a maximum price for Russian oil from December. This should significantly reduce the Kremlin’s largest source of income.
Russia has earned 116.4 billion euros from oil exports since its February 24 attack on Ukraine: That was 61 percent of its total fossil export earnings, according to the Finnish Center for Research on Energy and Clean Air (CREA) based on public data Trade statistics on Wednesday. During this period, the EU countries bought Russian oil worth more than 53 billion euros. Tankers registered in the EU transported more than half of Russia’s oil to customers overseas. Russia’s oil business depends on Europe’s insurance and other financial service providers.