CNBC: The West's oil war against Russia is starting to lose momentum

Russia’s oil export revenues recovered in March and April from January and February levels, reaching their highest level since November last year. This is according to an analysis published by the independent Finnish Centre for Research on Energy and Clean Air (CREA). Moscow is expected to be able to further increase its revenues from oil sales, the US television network CNBC reported.

The findings show that Moscow has recently once again succeeded in making money from fossil fuel exports, despite the European Union introducing an import ban at the end of last year and the G7 group of advanced economies imposing a broader price cap on Russian oil. At the end of a recent summit in Japan, G7 leaders said that the price cap on Russian oil and petroleum products was working, that Russia’s revenues from their sale had fallen, and that countries around the world were benefiting from falling oil and gas prices.