Russia-Ukraine War

Russia's Oil Revenues Surge Despite Western Sanctions

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Russia's oil and gas revenues surged by over 80% in February compared to the same month last year, despite ongoing sanctions imposed for its invasion of Ukraine. This significant increase is attributed to Russia's activation of a price-floor mechanism, which resulted in higher taxes on domestic oil producers.

The price floor was implemented after the price of Russia's Urals crude fell due to stricter sanctions enforcement by the West. By setting a minimum price, Russia was able to increase its revenues from oil sales.

Despite the sanctions, Russia has managed to circumvent them by pivoting its customer base towards countries like India and China. Additionally, it has utilized a "dark" fleet of aging ships and intermediaries to "launder" its oil.

The West continues to tighten trade restrictions against Russia, including controversial secondary sanctions on companies outside their jurisdictions. However, Russia has shown resilience in finding ways to maintain its oil revenues.

These revenues are not only used to fund the war in Ukraine but also to support social spending promised by President Putin ahead of the upcoming presidential elections. The election, scheduled for March 15-17, is expected to result in Putin's victory.

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May 21, 2023 | 05:09