February 22, 2024 3:21 pm

Russian oil exports yielding more revenue than before Ukraine conflict – Bloomberg — RT Business News

Facebook
Twitter
LinkedIn
Pinterest
WhatsApp
Telegram

URGENT: JUST 11 DAYS REMAIN TO HELP SAVE INDEPENDENT MEDIA & ANR, TO ENSURE WE ARE FULLY FUNDED FOR NEXT MONTH,SO LET'S CUT THE BS & GET TO THE POINT - WE WILL BE FORCED LAY OFF STAFF & REDUCE OPERATIONS UNLESS WE ARE FULLY FUNDED WITHIN THE NEXT 2 WEEKS - Sadly, less than 0.5% of readers currently donate or subscribe to us But YOU can easily change that. Imagine the impact we'd make if 3 in 10 readers supported us today. To start with we’d remove this annoying banner as we could fight for a full year...

Moscow is maintaining control over its crude shipments and progressively increasing the prices, the outlet says

Russia’s monthly revenues from oil exports are now higher than before the beginning of the military operation in Ukraine, indicating that Western sanctions on the sector have failed, Bloomberg reported on Wednesday.

Moscow’s income from crude sales almost doubled from April to October, despite international pressure and widespread predictions of a huge deficit. Russia’s net oil revenues of $11.3 billion in October accounted for 31% of the country’s overall net budget revenue for the month, the outlet said, citing the Russian Finance Ministry.

From January to September this year, owners of domestic vessels and an alleged shadow fleet of tankers collectively shipped more than 70% of Russian oil cargos, “allowing Moscow to maintain control over its exports and progressively increase prices,” the article stated.

The sanctions on Russian oil introduced by the G7 and EU late last year were conceived as a means to curtail Moscow’s energy revenues without causing a spike in global energy prices.

The restrictions, however, have created an unexpected “byproduct,” such as the reshaping of the financial architecture of the oil and maritime trade “in a way that some experts say might be hard to reverse at the end of the conflict or after the eventual lifting of the existing sanctions regime.”

In response to the sanctions, Russia has rerouted most of its energy exports to Asia – particularly to India and China, where the country’s oil has been sold well above the West’s $60-per-barrel price cap.

Data from Indian customs shows that the price paid for Russian oil averaged $72 a barrel this year by the time it reached the Asian country, which is $12 higher than the price initially declared at the point of export in Russia.

Russia has shipped nearly 3.5 million barrels of crude a day this year, with around $11 billion going into a delivery spread, the outlet said.

“Some of that will represent legitimate shipping costs, but almost all of it goes through anonymous traders or unknown shipping companies,” Bloomberg wrote.

“The shadow fleet and alternatives to Western maritime insurance are not new. Iran has used them for years. Now that a massive producer like Russia is using them, they have become more mainstream,” according to Eddie Fishman, a senior research scholar at Columbia University’s Center on Global Energy Policy, who has helped draw up US sanctions on Iran and Russia.

An advocate for stricter measures, he admitted that alternatives to Western services will eventually become a structural feature of the global oil trade.

For more stories on economy & finance visit RT’s business section

You can share this story on social media:

Source link

Opinion pieces don’t necessarily reflect the position of our news site but of our Opinion writers.

Original Source: Russian oil exports yielding more revenue than before Ukraine conflict – Bloomberg — RT Business News

Support the ANR from as little as $8 – it only takes a minute. If you can, please consider supporting us with a regular amount each month. Thank you.

Related News

Subscribe for free to our ANR news emails and access 2 free ebooks plus Reports to share with family and friends about Covid fraud and the danger of the vaccines.

Australian National Review is Australia’s first real free and independent press, one with no editorial control by the elite, but a publication that can generate critical thinkers and critical debate and hold those spreading mistruths and deliberate propaganda in mainstream media to account.

News with a difference that will be educational, compelling and create a platform for political and social change in this country and address the real issues facing this country and the world.

Watch Full Documentary

URGENT: JUST 3 DAYS REMAIN TO HELP SAVE INDEPENDENT MEDIA & ANR, SO LET'S CUT THE BS & GET TO THE POINT - WE WILL BE FORCED TO LAY OFF STAFF & REDUCE OPERATIONS UNLESS WE ARE FULLY FUNDED WITHIN THE NEXT 2 WEEKS

Sadly, less than 0.5% of readers currently donate or subscribe to us But YOU can easily change that. Imagine the impact we'd make if 3 in 10 readers supported us today. To start with we’d remove this annoying banner as we could fight for a full year...

Get access to TruthMed- how to save your family and friends that have been vaxx with vaccine detox, & how the Unvaxxed can prevent spike protein infection from the jabbed.

Free with ANR Subscription from $8