Russia to Double Its Oil & Gas Revenue, Pocket $14 Billion in April
Russia’s oil and gasoline income may double this month pocketing a staggering $14 billion in April 2024 alone. The surge in income comes regardless of the US urgent financial sanctions in opposition to Russia for invading its neighboring nation Ukraine.
The nation’s oil and gasoline income had slumped drastically by 23.9% final yr in comparison with 2022 as a result of sanctions. Nonetheless, it sidelined the US sanctions this yr promoting oil at cheaper costs to Europe and different growing international locations.
Prime oil-exporting nation Saudi Arabia had bought oil at discounted costs from Russia and laundered it throughout Europe. India had additionally procured low-cost Russian oil and saved practically $7 billion in change charges. China has additionally been among the many high purchasers of Russian oil since 2022 after the US pressed financial sanctions.
Russia To Pocket $14 Billion Earnings in April 2024, Double Its Oil & Fuel Income
A latest report from Reuters estimates that Russia may pocket $14 billion in income from oil and gasoline in April 2024 alone. That’s doubling income from final yr regardless of the US sanctions. The nation had pocketed $7 billion from oil and gasoline income in April 2023 and can attain $14 billion in April 2024, in accordance with the estimates.
“For 2024 as an entire, the federal government has budgeted for federal income of 11.5 trillion roubles from oil and gasoline gross sales, up 30% from 2023 and reversing that yr’s 24% decline owing to weaker oil costs and sanctions-hit gasoline exports,” learn the report.
The event signifies that the US sanctions haven’t weakened Russia utterly as its oil sector is rising. It has executed little to nothing to maintain its financial system from rising amid geopolitical tensions.
Russia is navigating its oil financial system and protecting it afloat regardless of the White Home urgent sanctions. The transfer is giving hope to different growing international locations that the US sanctions won’t essentially work if the precise insurance policies are put into place.