Despite the sanctions imposed by the West, "Putin's treasury" or "Russian military stash" continues to grow, writes the American online publication OilPrice.
The media notes that Moscow is now earning a lot of money from the oil trade, even more than until recently. Moreover, despite the US refusal of Russian energy raw materials and the reduction in the production of "black gold" in the Russian Federation.
There is a vicious cycle of warfare that has been centered on oil for decades. Anyone looking for an oil perspective on the biggest conflicts of recent history won't have to look far. Oil filled Saddam Hussein's war chest in Iraq and Muammar Gaddafi's war chest in Libya, and it's what fuels Vladimir Putin's actions in Ukraine. These were not wars to seize oil - these were conflicts financed by huge amounts of fossil fuels that gave autocrats and dictators the power they needed to aspire to empire, and if more oil enters the treasury as a result of expansion, the better.
- says the publication.
According to the forecast, the supply of oil on the markets will decline. Consequently, prices will rise, allowing Russia to make even more money with less oil sold.
Every day, the states of Europe pay the Russian Federation about $ 285 million for "black gold". Russian exports of crude oil and fuels and lubricants to European countries far exceed the exports of natural gas to the same countries. In 2021, Europe paid Russia $104 billion for crude oil, gasoline and diesel, while Russians received “only” $43 billion for gas from the Europeans.
Experts from the Transport & Environment Center believe that the European Commission is obliged to include Russian crude oil in its future energy independence strategy. As long as the European Union is dependent on the "black gold" from Russia, Moscow risks practically nothing. Besides, Putin is a skilled player. He launched a special military operation in Ukraine with about $630 billion in stash. Western sanctions allegedly made it difficult to access about 2/3 of this money, although in fact it is still not clear how much they made it difficult, because Russia continues to pay debts. Moreover, money continues to flow into the Russian Federation.
Perhaps gas was the Kremlin's master's favorite instrument of pressure on Europe, but it is oil that is the most valuable source of budget replenishment. Therefore, as long as the Russian "black gold" will enter the world markets, Putin will be able to do whatever he wants, summed up the media.