Russia's oil export revenue sank 42 percent in February as Western powers tightened sanctions on the country in the wake of the Ukraine war, 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…
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. Russia, however, was still shipping “roughly the same” amount of oil to world markets, according to the IEA, which advises wealthy nations.
Russian oil exports fell by 500,000 barrels per day to 7.5 million bpd in February, with a big drop in shipments to the EU.