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A Western price cap on Russian oil, intended to limit Moscow's war spending, is losing its effectiveness. Russian oil and gas tax revenue has more than doubled from September to October, indicating that Moscow has found ways to circumvent the sanctions. The size of Russia's shipping fleet has allowed most of its oil exports to avoid the price cap. U.S. officials are working to strengthen the sanctions and make it more expensive for Russia to operate its fleet of tankers. The rise in Russian oil prices suggests that the cap is becoming unenforceable. The new oil revenues are helping Russia fund its war in Ukraine and stabilize its economy. Treasury officials argue that the price cap has diverted resources from Moscow's war effort by forcing Russia to build its own shipping infrastructure. The U.S. has offered recommendations to port managers to raise costs for Russia, but it is unclear if they will be followed. Currently, over half of Russia's crude-oil exports are shipped with non-G-7 insurance. Traders have gotten around the cap on oil prices by inflating shipping costs. Western officials should improve enforcement by introducing strict liability for violations, tightening documentation requirements, and investigating inflated costs. [Extracted from the article]

Finland and Estonia suspect sabotage in the damage to a natural-gas pipeline and communications cable connecting the two countries. This incident comes after the destruction of the Nord Stream pipelines, which linked Germany and Russia, and raised concerns about the vulnerability of Europe's critical infrastructure. Finnish and Estonian authorities have shut down the Balticconnector pipeline and are investigating the cause of the damage. The pipeline closure is not expected to affect gas supply in the region, as Finland has alternative sources and Estonia is receiving gas from Latvia. [Extracted from the article]

Russia's economy is being heavily influenced by the ongoing war in Ukraine, with military spending and war-related expenditures driving much of the country's economic growth. The Russian government plans to increase military spending even further next year, reaching a post-Soviet record of over $100 billion. While this militarization has propped up industrial production and provided jobs, it has also led to imbalances such as surging inflation and a labor shortage. The government will need to borrow more to cover the growing war bill, diverting resources away from sectors like education and healthcare. [Extracted from the article]

"At the same time we knew and know that the vast majority of the fighters and commanders of the Wagner group are also patriots of Russia, devoted to their people and the state", Putin said. Keywords: ukraine; wsjworld; gfx-contrib; Political/General News; National/Public Security; Armed Forces; Politics/International Relations; Domestic Politics; SYND; WSJ-PRO-WSJ.com EN ukraine wsjworld gfx-contrib Political/General News National/Public Security Armed Forces Politics/International Relations Domestic Politics SYND WSJ-PRO-WSJ.com N.PAG N.PAG 1 06/28/23 20230627 NES 230627 In address to nation, Putin says organizers of the insurrection betrayed the country; Prigozhin denies trying to oust president The leader of an abortive military mutiny, Yevgeny Prigozhin, defended the short-lived insurrection and claimed on Monday he wasn't trying to oust President Vladimir Putin of Russia, while Putin blasted the organizers of a revolt that presented the most serious challenge to his 23 years in power. [Extracted from the article]

Ukraine has said it won't announce the start of its new campaign, which defense analysts expect to take the form of a major armored thrust that aims to break through dug-in Russian positions in the east and south of Ukraine. Keywords: wsjworld; ukraine; Political/General News; National/Public Security; Armed Forces; Risk News; Military Action; SYND; WSJ-PRO-WSJ.com; political EN wsjworld ukraine Political/General News National/Public Security Armed Forces Risk News Military Action SYND WSJ-PRO-WSJ.com political N.PAG N.PAG 1 06/07/23 20230606 NES 230606 Kyiv's pledge to launch counteroffensive has Russian forces on alert Ukrainian mechanized forces launched their broadest assault in months on Russian positions, Moscow said on Monday, as Kyiv's preparations for a major counteroffensive to retake occupied territory gained momentum. [Extracted from the article]