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Sanctions drive up energy resources prices making Russia even richer

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After the introduction of large-scale sanctions by the West, sales of Russian oil and gas on the world market not only did not fall but, on the contrary, continue to grow, allowing Moscow to earn more and more money on the export of energy resources. According to experts, in 2022 Russia can receive more than $320 billion from the sale of energy resources, that is, more than a third more than last year reports Insider.

Although Western countries, led by the United States, continue to impose new sanctions against Russia, statistics show that Russia is earning more and more money from the oil and gas trade: despite economic restrictions, Russian energy exports not only do not decrease, on the contrary, continue to grow, writes Insider. 

According to preliminary estimates, this year Russia’s income from the sale of energy resources will exceed last year’s figures by more than a third and reach $320 billion.

While the United States, Britain and the European Union have attempted to work together to deliver a tangible blow to Russia’s energy sector in hopes of changing Kremlin policy, soaring energy prices and expanding trade with India and China have fuelled Russian exports even under heavy sanctions. 

According to the estimates of the Russian Ministry of Finance, in April it is planned to receive about $9.6 billion from the sale of energy resources. This amount even exceeds initial forecasts, given the recent soaring prices for crude oil and natural gas. Experts also predict that for the whole of 2022, Russia will earn about $321 billion from energy exports, which is more than a third more than last year, according to Insider. 

These massive restrictions, introduced in a short time, were designed to deprive Russia of energy export revenues and cause significant damage to its economy, in order to force Moscow to change its policy, the article explains. 
However, living in a world in which two-thirds of nations trade normally, Russia still has enough foreign buyers to keep its energy sector afloat and generate high revenues from energy exports. According to available data, since the start of the special operation in Ukraine, the volume of Russian oil exports to India has already exceeded 13 million barrels, while India bought only 16 million barrels from Russia last year, the article notes. 

China also remains the leading buyer of Russian energy resources. And although Chinese state-owned refineries have suspended new deals for Russian oil supplies, they continue to cooperate with Moscow on deals made before the start of the special operation in Ukraine.

Even the countries of the European Union still pay huge sums to Russia for oil and gas supplies. And while Brussels is considering plans for the future to sever energy ties with Moscow, for now, the EU is still a big buyer and continues to depend on Russian exports: Russia supplies about 40% of natural gas and 27% of crude oil to Europe’s total consumption. explains Insider.  

At the same time, the Russian government is actively looking for new buyers to expand cooperation. According to Russian Energy Minister Nikolai Shulginov, Moscow is ready to sell oil and related products to friendly countries in any price range, writes Insider.  Source

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