Western sanctions against Russia have been used primarily to obfuscate the cause of western inflation and keep the citizen pitchforks from reaching various government offices. So far, the strategy -assisted by western media- has been mostly successful.
However, the International Energy Agency (IEA) is reporting that despite the western sanctions against Russia, the Russian energy sector is having no trouble finding customers for its oil sales. With global oil prices at their highest rates in years, in part driven by the energy policy of the same western leaders who triggered the sanctions, Russia is getting just as much economic benefit as it was before the sanctions regime was triggered.
(EU FINANCE) – Russia continued to rake in oil revenues in May despite a global boycott from companies and most countries following its invasion of Ukraine, a new report has shown.
The International Energy Agency (IEA) said the Kremlin’s oil-export revenues surged to around $20bn last month, an 11% increase from the month before, despite shipping lower volumes.
Its latest monthly report, published on Wednesday, said this takes Moscow’s total revenue for shipping oil and crude products roughly back to levels before the invasion of Ukraine. Russian exports fell by about 3% due to lower oil-product flows, the Paris-based agency estimates.
Meanwhile, crude shipped during the month grew by nearly 500,000 barrels a day compared to the start of the year, largely thanks to higher deliveries in Asia.
“China and India, which have both sharply increased crude oil purchases from Russia, are net product exporters and have no need to lift Russian products,” it said. (read more)
