Russia’s oil export income sank 42 % in February as Western powers tightened sanctions on the nation within the wake of the Ukraine struggle, the Worldwide Power Company mentioned on Wednesday.
The nation earned $11.6 billion from its oil exports final month after the European Union imposed a ban on Russian petroleum merchandise alongside a value cap agreed with the Group of Seven and Australia, in line with the IEA.
This was down from $14.3 billion in January and a 42 % drop from $20 billion in February final yr.
Russia, nonetheless, was nonetheless transport “roughly the identical” quantity of oil to world markets, in line with the IEA, which advises rich nations.
“This means that the G7 sanctions regime has been efficient in not limiting world crude and product provides, whereas concurrently curbing Russia’s capacity to generate export income,” the IEA mentioned.
Russian oil exports fell by 500,000 barrels per day to 7.5 million bpd in February, with a giant drop in shipments to the EU.
“Current tanker monitoring knowledge recommend that Moscow has managed to re-route a lot of the barrels beforehand destined for the EU and US to new shops in Asia, Africa and the Center East,” the IEA mentioned.
“Though it has been comparatively profitable in sustaining volumes, Russia’s oil income has taken successful.”
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