Putin's War Chest Intact: $60 cap for Russian oil too high to hurt Moscow?

A $60 cap will not have much impact on Russia’s finances because it would be near where Russian oil is already selling. If the cap had been as low as $50, it would cut into Russia’s earnings & make it impossible for Russia to balance its state budget, with Moscow believed to require around $60 to $70 per barrel to do that, its so-called 'fiscal break-even'. Even a $50 cap would still have been above Russia's cost of production ($30 - $40 per barrel), giving Moscow an incentive to keep selling oil simply to avoid having to cap wells that can be hard to restart.