Russian Fossil Fuels Revenues are Still at $0.5 Billion

By Anshula Mandaokar , 02 March, 2023

Russia is still earning more than half a billion U.S. dollars from gas and oil sales per day according to the survey reports. Even if the U.S., the EU and other countries try to restrict Russia but in vain. The western nations are enforcing on Russian crude oil to a barrel of $30 and by ending all pipeline and LNG exports from Russia to the EU. The survey says that Russia’s daily earnings with fossil fuels may dip as low as $340 million in the upcoming future.

According to the reports, Russia’s earnings are below what the country was making earlier from fossil fuels on an average per day before Russia invaded Ukraine. Even if several nations have started to boycott Russian fossil fuels, the country is giving discounts to its remaining customers. Thus, the highly elevates market prices of world is due to the war caused soar Russian earnings.

The Russian seaborne crude oil has been banned by the EU and in February, the Russian petroleum products are already included in the CREA’s latest figure. But EU countries still continue to import Russian oil and gas through pipeline or as LNG. According to the data, in December 2022, the G7 nations agreed to establish an international price of Russian crude for $60 per barrel. But, however the price cap is around $30 which is closer to Russian’s production price, according to CREA. This would lead to same reduction in Russian revenues as the EU is ending remaining fossil fuel dependency on Russia.

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Anshula Mandaokar

Team Lead - Research