Ajit Karn
Paris: The International Energy Agency reported on Wednesday that Russia’s oil export revenues decreased by 42 percent in February as Western powers tightened sanctions on the country in response to the Ukraine conflict.
According to the IEA, the country earned $11.6 billion last month from its oil exports after the European Union imposed a prohibition on Russian petroleum products alongside a price limit agreed upon by the Group of Seven and Australia.
This was a decrease from $14.3 billion in January and a decrease of 42 percent from $20 billion in February of the previous year.
According to the IEA, which advises affluent nations, Russia continued to export “roughly the same” quantity of crude to international markets.
IEA: “This demonstrates that the G7 sanctions regime has been effective in not restricting global crude and product supplies, while concurrently limiting Russia’s ability to generate export revenue.”
In February, Russian oil exports decreased by 500,000 barrels per day to 7.5 million bpd, with a significant decline in shipments to the EU.
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Recent tanker monitoring data suggest that Moscow has rerouted the majority of cargoes destined for the EU and the US to new markets in Asia, Africa, and the Middle East, according to the IEA.
Even though Russia has been relatively successful in maintaining production levels, its hydrocarbon revenues have suffered.
