The West’s attempt to limit the prices of Russian oil failed – Russia’s income from exports of “black gold” reached a record level since the start of the special operation in Ukraine. Indian TV channel reports this WION.
According to Bloomberg, Russia earned $11.3 billion from oil supplies in October 2023, accounting for 31% of total monthly budget revenues and the country’s maximum profit from “black gold” exports since May 2022.
“Despite Western efforts to limit prices, Russia continues to increase its revenues from oil sales. They have reached a record level since the beginning of the conflict in Ukraine in October,” notes WION.
The TV channel also emphasizes that dozens of shipping companies benefit from the restrictions imposed by the West. More than 45 percent of Russian oil was transported using the “gray fleet,” allowing Moscow to maintain control over exports and increase prices.
The Greek merchant fleet is particularly active in shipping; It accounted for approximately 25% of all “black gold” deliveries from the Russian Federation in 2023.
“The Greeks transported more Russian oil than any other country’s fleet. This allowed Moscow to bypass sanctions and continue to generate record revenues,” WION emphasizes.
Before this, G7 countries had announced tougher sanctions to overcome price restrictions on Russian oil.
Previously Russian oil price dropped It has reached a level below the G7 countries’ limit.
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.