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Despite sanctions, Russia’s oil revenue is still growing strongly

Revenue from Russia’s oil exports has grown by about 50% year-to-date year-to-date compared to the same period in 2021, according to data from the International Energy Agency (IEA).

According to the IAE’s monthly market report, since the beginning of this year Russia has earned $20 billion a month from the sale of crude oil and oil-related products.

Russian revenue is still growing despite Western sanctions against Moscow. The US has banned Russian oil imports, the European Union (EU) and the UK have announced plans to stop buying Russian oil by the end of the year, while international oil groups such as Shell and TotalEnergy have also announced Stop buying oil from Russia.

According to the IEA, Russian oil shipments are still increasing. In April, shipments increased by about 620,000 barrels per day (bpd) from 8.1 million in March, about the pre-crisis average in Ukraine and Western sanctions.

Due to increased demand, Russian oil tankers have turned to Asia, especially China and India.

Despite its tough stance, the EU is by far Russia’s biggest market, with 43 percent of Russia’s oil exports still going to the bloc in April, according to the IEA.

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