Russia’s Oil Revenue Sinks As Sanctions Bite: IEANews WAALI

Paris, (UrduPoint News / Pakistan Point – 15th March, 2023 ) :Russia’s oil export revenue sank 42 percent in February as Western powers tightened sanctions on the country over the Ukraine war, the International Energy Agency said on Wednesday. .

The country gained $11.6 billion from its oil exports last month after the European Union imposed a ban on Russian petroleum products alongside a price cap agreed with the Group of Seven and Australia, according to the IEA.

This was down from $14.3 billion in January and a 42 percent drop from $20 billion in February last year.

Russia, however, was still shipping “about the same amount” of oil to world markets, according to the IEA, which advises wealthy nations.

“This shows that the G7 sanctions regime has been effective in not restricting global crude and product supplies, while at the same time curtailing Russia’s ability to generate export revenue,” the IEA said.

Russian oil exports fell by 500,000 barrels per day to 7.5 million bpd in February, with shipments to the EU greatly reduced.

“Recent tanker tracking data suggests that Moscow has successfully redirected most of the barrels previously destined for the EU and US to new outlets in Asia, Africa and the Middle East, ” said the IEA.

“While it has been relatively successful in maintaining volumes, Russia’s oil revenues have taken a hit.”