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Russia’s Oil Revenue Soars Despite Sanctions – Bloomberg

The country has earned about $20 billion a month from crude exports this year

Russia’s oil export revenue has jumped some 50% since the start of 2022, Bloomberg reports, citing data from the International Energy Agency (IEA).

According to the agency’s monthly market report, Moscow has earned some $20 billion a month this year from sales of crude oil and oil-related products.

The profit growth came despite Western sanctions over the Russian military operation in Ukraine. As part of these sanctions, the United States has banned all imports of Russian oil, the EU and the United Kingdom have announced their intention to eliminate all purchases of Russian crude by the end of the year, and international oil giants such as Shell and TotalEnergies have pledged to stop buying oil from the country.

However, according to the IEA, Russian shipments have only increased – from some 620,000 barrels per day from March to 8.1 million in April, returning to their pre-Ukraine crisis and sanctions average. who followed. Due to increased demand, more shipments have been directed to Asia, with China and India reclaiming supplies that were previously destined to go elsewhere, according to the agency. Furthermore, the EU, despite its position, has so far remained the biggest market for Russian fuel with 43% of the country’s oil exports to the bloc in April, the IEA said.

READ MORE: Austria threatens to seize Russian gas depot

According to the agency, global energy markets, already strained due to uncertainty over Russian crude, could encounter new headwinds, with the combination of a European embargo on Russian oil and a rebound demand from China as Covid-19 lockdowns are lifted. The agency estimates that global supplies, which were already down about 1 million barrels a day last month, could drop three times as much in the second half.

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