Russia has circumvented the US price cap on its oil exports since its invasion of Ukraine, curbing the sanction’s effectiveness in cutting off critical funding for Russia’s war effort, a government watchdog found.
Russia’s economic growth fell about 6% in 2022, the year the cap was put in place by the US and its allies following the country’s incursion into Ukraine, the Government Accountability Office said in a report released this week. But Russia’s economy recovered somewhat since, the watchdog concluded.
“A price cap on Russian oil likely kept Russian oil production and exports relatively stable but Russian actions, such ...