Russian oil exports generating higher revenue post-Ukraine conflict, says Bloomberg : Analysis

According to Bloomberg, Russia’s monthly revenues from oil exports have increased, surpassing pre-sanction levels. Despite international pressure and predictions of a deficit, Russia’s net oil revenues reached $11.3 billion in October, accounting for 31% of the country’s overall net budget revenue. This increase can be attributed to Russia’s control over its oil exports and the progressive increase in prices. The G7 and EU sanctions on Russian oil were meant to limit Moscow’s energy revenues without causing a spike in global energy prices, but they have also reshaped the financial architecture of the oil and maritime trade in a way that may be difficult to reverse. Russia has redirected most of its energy exports to Asia, particularly India and China, where its oil is sold above the West’s price cap. Indian customs data shows that the price paid for Russian oil averaged $72 a barrel in Asia, $12 higher than the export price from Russia. While some of the increased revenue may be attributed to legitimate shipping costs, a significant portion goes through anonymous traders or unknown shipping companies. This use of alternative shipping methods and the evasion of Western maritime insurance is becoming more mainstream in the oil trade.

Source: RT news: Russian oil exports yielding more revenue than before Ukraine conflict – Bloomberg