A year ago, the European Union imposed a ban on oil imports from Russia in an attempt to weaken Moscow’s ability to generate revenue due to the dispute with Ukraine, but this measure was ineffective. This was reported by Al Jazeera citing expert opinions.
According to the Kiev School of Economics (KSE), which tracks the sales of Russian oil, the Russian Federation earned $218 billion from it in 2022; A record amount for this year. At the same time, about half of exports went to Europe.
According to KSE calculations, Russia’s oil revenue this year will be 178 billion dollars, and in 2024 it is expected to reach 200 billion dollars, that is, despite the loss in the European market, this decrease is insignificant.
According to expert Jan Stockbrugger from the University of Copenhagen, Russia was forced to direct its supplies to China and India, where price competition is lower. However, KSE notes that Russian Ural oil was sold for $84 per barrel in October, meaning it was only slightly cheaper than Brent.
Last year, Western countries imposed a ceiling on the price of Russian oil at $60 per barrel. However, Moscow found a way around this restriction by purchasing tankers from Western companies for transportation to third countries. According to KSE, Russia has at least 187 “shadow” tankers to circumvent sanctions.
Maria Demertzis, an expert at the Brussels think tank Brugel, initially believes that the oil price cap is doomed to failure. According to him, it is difficult for the West to control Russia’s commercial transactions with Middle Eastern and Asian countries.
Before that it was known how many was recorded Turkey regarding oil supplies from the Russian Federation.
Previously, EU countries could not do this to approve Banning the sale of tankers to Russia.