Russia’s oil export earnings are much more at risk from a global economic recession than the price cap planned by the United States and the European Union.

A recession is a surefire way to reduce Russia’s earnings from exports of crude oil, diesel and other refined products.

If there is a global economic slowdown in 2023, Russia’s export earnings could fall by a third to a half, based on the experience of the past two decades.

US and EU politicians will not…

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