Price Cap on Russian Oil slashes US Oil Revenue by 50%  

The United States has used all its might to put a price cap on Russian oil to stifle the country’s economic strength amidst the ongoing Russia-Ukraine crisis. The US-led NATO and the European Union also made attempts to pressurise India and other countries against importing Russian crude oil in the process, but this strategy appears to have backfired on the US. A White House official has stated that putting a price cap on Russian oil has depleted their own oil reserves in half, as per Associated Press.

Deputy Treasury Secretary Wally Adeyemo revealed this fact at a recent press briefing, adding that it has also left Russia with less investment and production opportunities for the oil market. Earlier this year, India’s Foreign Minister Dr. S. Jaishankar, was also in the news for countering the West’s criticism of India for increasing its oil imports from Russia despite the sanctions, where he pointed out Europe’s gas imports from Russia which is equally responsible for its economic resilience to battle Ukraine. This conflict has been going on for nearly one-and-a-half years and will likely continue for the foreseeable future.