Russia's oil revenue sinks as price cap bites: IEA

Russia’s oil-export revenue sank by almost half in February compared to last year as Western powers tightened sanctions on the country, the International Energy Agency said on Wednesday.

The country earned $11.6 billion from its oil exports last month after the European Union imposed a ban on Russian petroleum products alongside a price cap agreed with the Group of Seven and Australia, according to the IEA.