Despite Western sanctions because of the war against Ukraine, the Russian government says it has earned considerably more from the oil and gas trade. Budget revenues rose 28 percent or 2.5 trillion rubles (almost 34 billion euros) last year, Deputy Prime Minister Alexander Novak said Monday.
The Gazprom group has boosted gas supplies to China to 15.5 billion cubic meters through a pipeline in Siberia. Compared to 2021, this is an increase of 49 percent. Oil production also increased by two percent to 535 million tons, while oil exports increased by seven percent.
No more gas through Baltic Sea pipeline Nord Stream 1
In the course of Russia’s war of aggression against Ukraine, no gas has been pumped to Europe through the Nord Stream 1 Baltic Sea pipeline for months, and the Nord Stream 2 pipeline has never been commissioned. Against this backdrop, exports of conventional natural gas have fallen, Nowak said. But liquefied natural gas exports increased by eight percent to 46 billion cubic meters. Oil exports increased by 7 percent.
Since the Russian attack on Ukraine, the EU has adopted nine sanctions packages against Russia. Since December, an embargo has been in force on Russian oil transported by ship to the EU. An oil price cap should also force Russia to sell oil for a maximum of $ 60 per barrel (159 liters).
The brake on the oil price should only really take effect this year
The oil price brake introduced at the beginning of December will only really bear fruit this year. There are also export bans designed to make it impossible for Russia to modernize its oil refineries. The EU sanctions expressly do not include an export ban on gas.
Moscow: no more oil for countries with an oil price cap
The Russian Ministry of Finance announced last week that it was already counting on lost oil and gas revenues of 54.5 billion rubles (about 737 million euros) in January. In turn, Russian President Vladimir Putin has issued a decree banning the sale of oil to countries that have set price caps for the commodity. The ban will take effect on February 1.
Source: Krone
I am Wallace Jones, an experienced journalist. I specialize in writing for the world section of Today Times Live. With over a decade of experience, I have developed an eye for detail when it comes to reporting on local and global stories. My passion lies in uncovering the truth through my investigative skills and creating thought-provoking content that resonates with readers worldwide.
