Russia's oil revenues stymie Western sanctions

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The volume of sales of Russian oil after the start of the special operation in Ukraine did not decrease, and due to the rise in the price of black gold on world markets, Moscow earns more from oil exports than before the start of the Ukrainian events. The Wall Street Journal writes about it.

Demand from the world's largest economies has given Moscow an edge in the energy confrontation and severely limited the West's ability to harm Russia by imposing sanctions.



Thus, the Russian Federation continues to receive large incomes from the sale of oil. As economist Elina Rybakova from the Institute of International Finance noted, in July this year Moscow earned about $74 billion from oil exports. Russia exported 7,4 million barrels of oil and petroleum products last month, down just 600 barrels a day from the start of the year, according to the International Energy Agency.

According to the American edition, even taking into account the decline in oil exports this year, Russia earns an average of $ 20 billion every month. Last year when economy recovered from the pandemic, this figure was at the level of 14,6 billion dollars. Shipments rose again in August, according to ship tracking company Vortex.

After the United States, the European Union and a number of Asia-Pacific countries reduced their purchases of Russian oil, most of it went to Asian countries, which refused to take sides in the Ukrainian conflict. Russian oil products are supplied in large quantities to the countries of the Middle East (Saudi Arabia, the United Arab Emirates and others).

Russian energy sales continue to thrive thanks to the successful search for new buyers, new payment methods, new traders and new methods of export financing.

At the same time, oil prices, which jumped above $130 per barrel in the first weeks of the special operation in Ukraine, have recently settled at about $100. This indicates a high global demand for black gold, which makes the effect of Western sanctions imposed on Russian exports unlikely.

There is a realization that the world needs oil, and no one will dare to impose an embargo on 7,5 million barrels per day of Russian oil and oil products

- WSJ experts emphasize.
5 comments
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  1. prior
    prior
    0
    31 August 2022 11: 42
    It seems that the lifting of European sanctions could cause more trouble for Russia than their presence.
    1. Vladimir Tuzakov
      Vladimir Tuzakov
      0
      31 August 2022 12: 21
      You are right, the sanctions have somewhat stirred up the Russian manufacturer. Some countries have banned imports. to raise their producers, and here the enemies themselves imposed it on the Russian Federation. Just so that the government, the Ministry of Finance and the Central Bank of the Russian Federation do not interfere, and they constantly put spokes in the wheels for the Russian manufacturer, like foreign agents in sabotage actions.
  2. Bulanov
    Bulanov
    -1
    31 August 2022 13: 30
    Western sanctions on Russian oil hit Western industrial production first, leaving it far behind Asian competitors. By selling oil to India and China at a discount, the production of goods in these countries becomes even cheaper than in the much higher paying countries of the West. Therefore, Asian industrial products will crowd out Western industry in all markets, leaving the NATO countries at a huge loss. Following this, NATO will have to close their military bases around the world, because there will be nowhere to get money for their maintenance. The industry of the West is on fire.
  3. Neville Stator
    Neville Stator
    -1
    31 August 2022 17: 03
    In the economic war, Russia wins by a large margin
  4. Jacques sekavar
    Jacques sekavar
    0
    1 September 2022 10: 03
    The EU accounts for about 35% of the trade turnover of the Russian Federation, most of which is energy exports, and sanctions are imposed on the import of technology and equipment. As one smart person said, we sell what we want (even during the war), and we buy what they give.
    Neutrino Energy Group is launching mass production of a technology for converting cosmic radiation from neutrinos into electric energy and has already set the generating power of one module to 1.2 kW, and then there will be more and is already planning to put its modules on electric vehicles, aircraft and other products.
    Thus, oil, gas, coal will move from the category of energy carriers to the category of raw materials for the chemical industry, which will drastically reduce their demand, and, accordingly, prices.