Sanctions on Russian oil by Western countries have failed to make any dent in its oil exports. The country’s oil export revenues increased by $1.7 billion to $15 billion in April 2023, as per the monthly report released by the International Energy Agency (IEA).The growth is due to higher crude oil exports and a narrower Urals discount. The report highlights the resilience of the Russian oil supply, with its exports reaching post-war at 8.3 million barrels a day (mb/d) in April.“By our estimates, Moscow didn’t deliver its announced 500 kb/d (thousand barrels per day) supply cut in full. Indeed, Russia may be boosting volumes to make up for lost revenue. Its oil export revenues rose by $1.7 billion to $15 billion last month but were 27% lower than a year ago while tax receipts from its oil and gas sector were down 64% year-on-year,” said the report.
Following the war in Ukraine, Western countries imposed various sanctions on Russia’s oil industry in an attempt to hinder its profit from oil exports. The European Union, along with the Group of 7 and Australia, implemented a price cap on Russian seaborne crude oil.
