US expects a sharp decline in Russia's oil revenues

"I think Russia will feel the pain of the sanctions immediately. I can tell you that we have already seen what India has done – completely stopped purchasing Russian oil. Many Chinese refineries have stopped. The Russian economy is a military economy. Growth is virtually zero. Inflation, in my opinion, exceeds 20% (8.4% according to official Russian sources), and everything we are doing will force Putin to sit down at the negotiating table. Oil finances the Russian war machine, and I think we can significantly hit his revenues," US Treasury Secretary Scott Bessent said in an interview with CBS.

Bessent noted that Russia's oil revenues have fallen by 20% year-on-year and that he expects sanctions to reduce them by another 20-30%.

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Photo: Channel 24.