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This is CBS I in the World. I'm John Bacheler, the Russian economy in wartime, the sanctions.

I go immediately to Michael Bernstom of the Hoover Institution, my guide, to speak of what

we know so far about the oil price cap agreed to by the European Union starting December

5. Michael, a very good day to the numbers are coming in. Most promising, the report from

Reuters is that the Russian export of oil, seaborn oil, has declined in the first week after

the cap. More than 50%. Is this a surprise, Michael? Or is this what we expected to happen?

Good evening to you. Good evening to you. It is more than what was expected. So much so that

now the United States Treasury is discussing already the possibility to reduce the price

cap under $60. So generally it's been a great success. Currently the Russian main

frame oil oils is trading at 57.5, which is by their own admission a disaster for the budget

because they really losing now budget revenues. They have to sell a lot of debt and they

have enough fiscal fuel. So the first week has been a mitigated success.

For the oil price cap, the numbers here are to give you everybody the scale here. Russia's

oil shipment plunged by 1.86 million barrels per day to 1.6 barrels per day overall, a

54% decline. However, who's buying what oil is shipped turns out India is buying 50% and

China is buying 30%. But there's an important detail here. I'm introduced to the world of oil.

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