RT reported that US Senior Advisor for Global Energy Security Amos Hochstein told US senators on June 9 that Russia is now making more money from fossil fuel sales than it was before the start of the military campaign in Ukraine.
The official acknowledged that rising global energy prices and clearly fueled by Western sanctions against Russia have helped Moscow cushion the impact of Western restrictions.
Asked if Moscow was making more money from the oil and gas trade than it was a few months ago, Hochstein replied: “I can’t deny that.” These statements were made by him before the Senate Subcommittee on European and Regional Security Cooperation.
The United States moved to restrict all imports of Russian crude oil, certain petroleum products, liquefied natural gas and coal in early March as part of sanctions over military action. of Russia in Ukraine. However, on June 8, the Speaker of the State Duma (Parliament) of Russia, Vyacheslav Volodin, said that the amount of oil shipped from Russia to the US had “almost doubled in March compared to February”.
The EU – which has long been reluctant to impose restrictions on Russian oil imports and mainly targets the financial and banking sectors – agreed to impose a ban on Russian oil by the end of the year. May. The Union decided to stop 75% of oil imports immediately and 90% by the end of the year. However, Hungary and several other countries have been exempted because their economies cannot cope without supplies from Russia.
Meanwhile, Western media reports that sanctions have barely affected Russia’s energy trade so far. In April, the Wall Street Journal reported that Russian oil shipments rose 300,000 barrels per day that month alone.
In mid-May, Bloomberg news agency reported that Russia’s oil revenue has skyrocketed despite sanctions and is up about 50% since the beginning of 2022. The Russian government has also reported that the country’s oil production is recovering and announced a number of new customers in the Asia-Pacific region to start buying Russian crude oil.
India is one such customer, as Russian oil exports to the country spiked in May, according to Reuters. Meanwhile, sanctions appear to have backfired on the US and its allies. US President Joe Biden declared an energy emergency earlier this week saying the nation’s ability to provide adequate electricity was at stake.
Late last week, the American Automobile Association (AAA) reported that US gasoline prices have doubled under Mr. Biden and hit an all-time high, reaching $4.81 a gallon on June 3. On June 1, the International Energy Agency warned that Europe, which also faces soaring gasoline prices, could resort to fuel rationing in the face of an unprecedented energy crisis. ever had.
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