Price caps on Russian oil cut revenues nearly 50%, sanctions squeeze production - US

Kremlin's changes to oil sales tax were forced by Western sanctions on Russia over its war on Ukraine.
The changes will hit Russia's oil production capacity over time.
Cap on price of Russian oil severely curtailing its revenue.
Price cap has contributed to a nearly 50% drop in Russian oil revenues compared to a year prior.
EU's import ban has had more effect in reducing Russian oil revenues than the price cap.