Russia managed to redirect oil exports from Europe to India and the People’s Republic of China: the sanctions proved ineffective
According to experts’ calculations Reuters, Russia’s revenues from the sale of oil and gas in June will increase by more than 50% compared to last year.
Moscow’s forecasted June revenues from oil and gas will amount to 814 billion rubles ($9.4 billion), which is significantly higher than the figures for May and June 2023.
Despite numerous Western sanctions aimed at limiting Russian oil and gas revenues, Russia has been able to divert oil exports from Europe to India and China, thereby providing financial support for its aggression.
The growth of Russia’s income from the sale of oil and gas has been observed for several months in a row. In May, revenues from the sale of oil to the state budget of the Russian Federation increased by almost 50% compared to the previous year, and in April, the Kremlin’s income from the sale of oil and gas almost doubled.
It is noted that oil and gas revenues are critically important for the Russian budget, accounting for about a third of its total volume. The growth of these revenues allows Russia to finance military actions and support the economy under the pressure of sanctions.
