Russia’s oil export earnings fell 42% in February as Western powers tightened sanctions on the country following the war in Ukraine, the International Energy Agency said on Wednesday.
The country earned $11.6 billion from its oil exports last month after the European Union imposed a ban on Russian petroleum products alongside a price cap agreed with the Group of Seven and Australia, according to the IEA.
This is down from $14.3 billion in January and down 42% from $20 billion in February last year.
Russia, however, was still shipping “about the same” amount of oil to world markets, according to the IEA, which advises wealthy countries.
“This indicates that the G7 sanctions regime has been effective in not restricting the global supply of crude and products, while simultaneously reducing Russia’s ability to generate export revenue,” the IEA said. .
Russian oil exports fell by 500,000 barrels per day to 7.5 million bpd in February, with a sharp drop in shipments to the EU.
“Recent tanker tracking data suggests that Moscow has successfully redirected most barrels previously destined for the EU and the US to new outlets in Asia, Africa and the Middle East,” the report said. OUCH.
“Although it has been relatively successful in maintaining volumes, Russia’s oil revenues have been hit hard.”