Western Sanctions Are Paying Off As Russian Oil Revenues Fall

Western Sanctions Are, Paying Off As Russian Oil , Revenues Fall.

According to the International Energy Agency, Russian oil revenues fell in November despite a boost in production to just below levels prior to the Ukraine invasion.

'The Guardian' reports that the falling revenue is a sign that Western sanctions and other efforts to cut off Russia's income have been successful.

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'The Guardian' reports that the falling revenue is a sign that Western sanctions and other efforts to cut off Russia's income have been successful.

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In November, the IEA estimated that Russia earned just $15.8 billion from oil sales.

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That is the second-lowest monthly earnings Russia has reported this year after bringing in just $14.7 billion in September.

The dipping revenue report comes despite Russia increasing its export of crude oil to 8.1 million barrels per day, its highest level since April.

In December, the EU and G7 introduced a $60-a-barrel price cap on Russian oil.

On December 14, the price of non-Russian oil had climbed to about $81 a barrel.

President Vladimir Putin has said the cap will not have a significant impact on Russia’s economy but could harm the international energy market.

President Vladimir Putin has said the cap will not have a significant impact on Russia’s economy but could harm the international energy market.

Putin has also warned that the cap may force Russia to cut production.

While lower oil prices come as a welcome relief to consumers faced by surging inflation, the full impact of embargoes on Russian crude and product supplies remains to be seen, International Energy Agency, via 'Newsweek'.

While lower oil prices come as a welcome relief to consumers faced by surging inflation, the full impact of embargoes on Russian crude and product supplies remains to be seen, International Energy Agency, via 'Newsweek'