Russian Oil Is Getting Cheaper?

Russian oil was at $96.61 per barrel on February 23rd, just before Putin invaded Ukraine. The same crude closed at $92.18 on Friday.

Russia is not likely to realize more oil revenue with a declining oil price.

In a related vein, it is also noteworthy that the dollar-denominated index on the Moscow Stock Exchange, the RTS is outperforming the ruble-denominated MOEX.

It would appear that the ruble’s destruction of the dollar has been delayed.