Putin’s war chest drained by big discounts that keep oil flowing

Russia’s crude exports remain steady despite pressures, but steep discounts are slashing revenues. Shipments averaged 3.33 million barrels a day in the four weeks to Feb. 8, slightly up from the previous period but down 540,000 barrels from pre-Christmas levels. Revenue fell to a five-year low in January due to weaker prices, higher discounts, and currency effects.