Russia Shrugs off Sanctions with Massive Oil Revenues - WSJ
Soaring oil demand from some of the world’s biggest economies has helped Russia to export almost as much crude as it did before the conflict in Ukraine and subsequent Western sanctions, the Wall Street Journal reported on Monday.
Rising global crude prices - currently at around $100 a barrel - have driven skyrocketing oil revenues and now Moscow is “swimming in cash,” according to Elina Ribakova, the deputy chief economist at the Institute of International Finance.
“New buyers, new means of payment, new traders and new ways of financing exports” have driven growth, the journalist reported - as the world realized “[it] needs oil, and nobody’s brave enough to embargo 7.5 million barrels a day of Russian oil and oil products”, Sergey Vakulenko, an analyst and former Russian energy executive, said.
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