Moscow, 15 March 2023 (GNP): According to the International Energy (IEA) Agency, February saw a 42 percent decline in Russia’s oil export earnings as Western nations strengthened sanctions following the conflict in Ukraine.
According to the IEA, the nation made $11.6 billion from oil exports last month as a result of the European Union’s (EU) ban on Russian petroleum products and a price cap with the Group of Seven and Australia.
This was a decrease from $14.3 billion in January and a 42% decrease from $20 billion in February of the previous year.
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With a significant decrease in shipments to the EU, Russian oil exports dropped by 500,000 barrels per day to 7.5 million bpd in February.
According to the IEA, Russia has succeeded in diverting the majority of the barrels that were formerly bound for the EU and US to new markets in Asia, Africa, and the Middle East.
Russia’s oil revenues have suffered, despite its relative success in maintaining output.