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Russian oil revenues are falling because of the price cap that Western countries imposed on its crude oil shipments and, ahead of further caps on Russia's oil products, Europe is well positioned to manage any price pressures, Reuters reported, citing a U.S. Treasury official said on Wednesday.
The Group of Seven countries, Australia and the European Union will extend sanctions on Russia over its war in Ukraine by putting a price cap on its oil products, such as gasoline and diesel, on February 5. The coalition placed a $60 per barrel limit on sea-borne Russian crude oil sales late last year.
Russia is losing a great deal of money daily because of the cap, the senior Treasury official told reporters in a teleconference.
"For every dollar Russia is not getting in revenue, that's one less dollar they can use propping up their economy, or investing into weapons they need to fight this illegitimate war in Ukraine," the official said.
The Joint Coordination Center reports that no vessels left Ukrainian ports and no vessels transited through the maritime humanitarian corridor heading toward Ukrainian ports Wednesday under the Black Sea Grain Initiative because of bad weather conditions.
Currently, 28 vessels are waiting for inspection: Eight of them waiting to move into Ukrainian ports and 20 are loaded with cargo waiting to sail to their global destinations.
As of Wednesday, the total tonnage of grain and other foodstuffs exported from the three Ukrainian ports remains 16,945,661 metric tons. A total of 1,269 voyages (636 inbound and 633 outbound) have been enabled so far.
Russian President Vladimir Putin discussed energy and transport projects with Iran's President Ebrahim Raisi in a telephone call on Wednesday, Reuters reported, citing the Kremlin.
Moscow and Tehran have moved to forge closer relations after Russia sent tens of thousands of troops into Ukraine last February, prompting sweeping Western sanctions. Russia and Iran, which is also under Western sanctions, are among the world's largest oil exporters.
In a readout of the call, the Kremlin said that the two countries hoped for a "normalization" of the situation in Syria, and to "restore" the country's territorial integrity.
Jailed Kremlin critic Alexey Navalny said Wednesday that he is being refused access to hospital treatment by prison officials after falling sick, in what his team called an underhand attempt to kill him, Agence France-Presse reported.
Navalny, the most prominent opponent of President Vladimir Putin, said he had flu symptoms including a fever but was being kept in a punishment cell at his maximum-security prison outside Moscow.
He also requested during a court hearing on Wednesday that it be postponed because of his illness.
Britain's Royal Navy said on Wednesday it was tracking the movements of a Russian warship armed with missiles sailing in international waters in the North Sea, close to Britain, Reuters reported.
“Escorting warships in UK territorial waters and the adjacent sea areas is routine activity for the Royal Navy," the British frigate HMS Portland's Commanding Officer, Commander Ed Moss-Ward, said in a statement.
“By maintaining a visible and persistent presence, the Royal Navy ensures compliance with maritime law and deters malign activity."
Russia has again replaced its top commander in Ukraine, putting army chief of staff Valery Gerasimov in charge of its forces in the conflict, Agence France-Presse reporting, citing the defense ministry on Wednesday.
"Army General Valery Gerasimov, Chief of the General Staff of the Russian armed forces, has been appointed Commander of the Joint Grouping of Troops (Forces)," the ministry said.
Sergei Surovikin, the commander of Russia's forces in Ukraine for the past three months, will become Gerasimov's deputy.
Surovikin will work alongside two other generals, Oleg Salyukov and Alexei Kim, according to the statement.
Ukraine would be able to win the war in 2023 if it receives more Western weapons, particularly long-range missiles and heavy tanks, Ukrainian presidential adviser Mykhaylo Podolyak told AFP Wednesday.
Otherwise, the war will grind on "for decades," Podolyak said, pointing to the bloodiest fighting taking place in eastern Ukraine in Bakhmut and Soledar.
"Only missiles with a range of more than 100 kilometers will allow us to significantly accelerate the de-occupation of our territories," he told AFP in an interview.