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.
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Russian Oil Is Getting Cheaper?
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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.