Price caps on Russian oil likely hit Moscow's revenues from oil and gas exports by nearly 30 percent in January, or about $8 billion, from a year ago, International Energy Agency (IEA) Chief Fatih Birol said on Sunday.
But Russian Deputy Prime Minister Alexander Novak told President Vladimir Putin during a meeting on January 11 that Russian oil and gas companies said they were not experiencing problems with export contracts, while Putin responded that a price cap on Russian oil exports agreed by Western countries "would not create problems for the country's budget."
(With input from Reuters)