Rise in revenues is setback for west’s efforts to hit Russian economy in wake of Ukraine invasion
Russia raked in around $20bn from oil exports in May, as revenues bounced back to prewar levels in a setback to western efforts to choke off its economy following its invasion ofYields from shipping crude and oil products rose 11% from a month earlier despite a 3% fall in exports, according to the International Energy Agency’s monthly report.
Russia has been able to cope with the discounts due to the surge in the price of Brent crude. Urals, Russia’s main export blend, averaged $78.81 a barrel in May, up almost 12% from a month before. Goldman Sachs said last week that oil prices could reach $140 this summer, triggering more pain at the pumps. Britons are facing record petrol and diesel prices due to a weakened pound and a squeeze on refining capacity.
could last until the end of the year and it would restart some operations in 90 days, rather than in July.
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