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Despite sanctions, Russia’s energy profits are still soaring

Russia asserts that despite sanctions, energy profits still increase significantly - Photo 1.

Russian Foreign Minister Sergei Lavrov. Photo: Getty

“On the contrary, this year we will significantly increase our profits from the export of our energy resources,” Lavrov confidently told a Bosnian TV station.

“In general, oil is not a political object, everyone has a need… We have alternative sales markets, thereby helping to increase sales,” the foreign minister argued.

His comments come days after the European Union (EU) agreed to ban 90% of crude oil imports from Russia. The US has also moved to block Russian oil imports after the country launched a special military operation in Ukraine.

It is known that international oil prices have increased after the EU decided to cut off Russia’s oil supply.

Last month, before the EU announced the ban on oil imports, the International Energy Agency (IEA) said that profits from Russia’s oil exports increased by 50% compared to the beginning of the year.

According to Insider, Russia’s revenue increased by $20 billion a month from oil exports to more than 600,000 bpd in April 2022, and demand from India and China made up for the shortfall in Western markets. . After the sanctions were imposed, India and China turned to buying more Russian oil than ever before.

A report released by the Center for Research on Energy and Clean Air at the end of April 2022 shows that Russia has sold more than $66 billion worth of fossil fuels since the special military operation began. head, despite the fact that Moscow faces harsh sanctions.

At the time, the report showed that Germany was the EU’s largest buyer of Russian fossil fuels with $9.5 billion. Italy ranked second with 7.2 billion USD. Meanwhile, China spent just over $7 billion from late February to April 2022, according to the report.

Germany has scrapped the Nord Stream 2 pipeline, which was intended to increase Russian gas supplies to the country, in response to the ongoing fighting situation.

Newsweek has reached out to the White House for comment.

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