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.
Russian Oil Is Getting Cheaper?
Russian Oil Is Getting Cheaper?
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.