The embargo on Russian oil and oil products should collapse Russia's profits in this sector of the economy by 50%. This was stated by First Vice Prime Minister - Minister of Economy of Ukraine Yulia Sviridenko, Ukrinform reports..

“We expect the collapse in profits from the export of oil and gas to be more than 50% precisely due to the introduction of the EU embargo on oil and petroleum products and due to the introduction of a price cap. Oil and gas account for 60% and 40% of federal budget revenues. We expect Russia's revenues to fall below the critical $40 billion per quarter,"

The reduction in income, according to her, will affect the financing of the war waged by the Russian Federation in Ukraine.

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Recall that last week on the oil market, which ended on December 16, was marked by an absolute peak of Russian oil..

Oil exports from Russian ports collapsed by 54%.

Earlier, on December 5, the embargo on offshore oil supplies from Russia to the EU countries came into force and the price limit for Russian oil set by the EU, the G7 countries and Australia began to operate.. The so-called insurance boycott of Russian oil also began to operate - insurance companies are prohibited from providing services to companies whose tankers transport Russian oil in violation of the price limit.