❗️Russia Hits Record Oil Revenues – in face of Western sanctions
The Russian economy is riding out the pressure of sanctions on the back of $60BN in crude sales. In comparison, the whole of 2021 saw oil revenue total $120BN
It’s exposed an intl divide in responding to Moscow, and comes despite oil production reportedly dropping by around 700,000 barrels per day. Some exports have been diverted to Turkey and Italy, both posting far bigger orders in April compared to last month.
US Treasury Sec Janet Yellen admitted banning Russian oil and gas could hurt Europe severely – while having “very little negative impact on Russia.” German Chancellor Olaf Scholz also warned of a “dramatic economic crisis” if a total embargo is imposed.
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