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Russia Selling Oil Through Saudi Arabia Avoiding Sanctions
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Russia’s oil exports have bounced back to levels last seen before it invaded Ukraine, despite a barrage of Western sanctions. Moscow’s exports of crude oil and oil products rose in March to their highest level since April 2020, jumping by 600,000 barrels a day, the International Energy Agency (IEA) said in its monthly oil report Friday. The rise lifted Russia’s estimated revenue from oil exports to $12.7 billion last month.
The revenue is still down 43% from a year ago, the IEA said, as Russia is forced to sell its barrels to a more limited pool of customers who can negotiate greater discounts. Western countries have imposed a raft of sanctions on Moscow’s energy exports since President Vladimir Putin ordered his troops into Ukraine in February last year. The most significant are a ban on Russian seaborne crude imports into the European Union and a ban on refined oil products such as diesel into the bloc. But Russia, the world’s second-largest exporter of crude, has found willing buyers in China and India to replace European customers.
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