Russia is raking in more money from its fuel exports than it did prior to the invasion of Ukraine as soaring fuel prices amid high demand are offsetting U.S. and European Union (EU) sanctions, according to The Wall Street Journal.
Russia is exporting nearly as much oil globally as it did before the start of the war in late February and continues to be the world’s largest exporter of crude oil and refined fuels, the WSJ reported. Moreover, even though exports have decreased slightly, Russian oil revenues are increasing, enabling Moscow to blunt the effects of sanctions and continue to reduce gas flows into Europe.
“Russia is swimming in cash,” Elina Ribakova, deputy chief economist at the Institute of International Finance, told the WSJ. Moscow has made about $97 billion from oil and gas sales this year with $74 billion of that coming from crude oil sales, she said.
President Joe Biden banned Russian energy imports in March to weaken Russia’s economy and help the Ukrainian war effort. The EU also vowed to ban all Russian energy exports by the end of the year, despite its heavy reliance on Russian fuels.