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Russian Oil Revenue Up 50 Percent, Despite Sanctions

Russian oil revenue has risen by 50 percent since the beginning of the year, despite sanctions aimed at punishing the country for its recent and ongoing invasion of Ukraine, according to a new report by the International Energy Agency (IEA).
In its most recent monthly market report, the IEA said that the Russian Federation had earned about $20 billion per month in 2022, amounting to about 8 million barrels per day.
Notably, the European bloc as a whole remained the largest customer for Russian fuels in the last month, accounting for about 43 percent of Russian oil exports in the most recent month. However, this is liable to change if the European Union presses forward with a proposed embargo of Russian oil, placing Russia under the gun to find other buyers for its surplus.

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