United States Treasury Deputy Secretary Wally Adeyemo (pictured) claimed on Thursday that the oil revenues for the Russian government in the first five months of 2023 are almost 50% lower compared to the same timespan in 2022. Revenues have cratered despite Moscow exporting more oil than it did in February 2022 and the escalation of the conflict in eastern Europe as Russian oil is sold at a 25% discount compared to other global oil, Adeyemo said in remarks prepared for delivery before the Center for a New American Security (CNAS).
Russian government's changes to its oil tax policy "will constrain Russia's oil companies going forward, leaving them with fewer funds to invest in exploration and production and over time diminishing the productive capacity of Russia's oil sector," Adeyemo asserted.
Although the US does not detect "widespread signs" of sanctions evasion, it will remain "laser-focused" on that issue, according to the Treasury official.
