MOSCOW, January 19 – RIA Novosti. The mistake made by US President Joe Biden in the field of energy allowed Russia to sharply increase revenues from the sale of coal, oil and gas, analyst Don Ritter, a former member of the US Congress, said in an article for The Washington Times.
“Despite a partial embargo (or perhaps because of it), sales of oil, gas and coal now bring in much more revenue (for Russia – Note ed.) than in 2021, and revenue growth is projected in 2022 another third,” the author wrote.
Earlier, Deputy Prime Minister Alexander Novak said that Russian budget revenues from the oil and gas industry grew by 28%, or 2.5 trillion rubles, in 2022.
In response to Russia’s special operation in Ukraine, unfriendly countries began to develop sanctions measures, the purpose of which, among other things, was to limit Moscow‘s income from oil exports. The restrictions came into effect on December 5. The European Union has stopped accepting Russian oil transported by sea, and the G7 countries, Australia and the EU have introduced a price limit for sea transportation at $60 per barrel – it is forbidden to transport and insure more expensive oil.
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During the transitional period from the decision to impose sanctions to the entry into force of such measures, Russia managed to redirect a significant share of its supplies from Europe to alternative markets. According to experts, the volumes of oil that fell out after the introduction of the EU embargo, estimated at 200-600 thousand barrels per day, can be redirected by the summer of 2023.
A complete ban on the supply of Russian coal to the EU has been in effect since August 2022. In addition, since August 10, the European Union has banned European companies from providing insurance and other financial services for the supply of Russian coal not only to the EU countries, but throughout the world.
Translation by RJ983
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