Russia has earned US$2bn in oil revenues during three months of US sanctions exemptions

Semen Ruban - 18 June, 16:45

Russia has earned over US$2 billion from US sanctions relief. Photo: Getty Images

The temporary easing of US sanctions on Russian oil, which was in effect from 12 March, has allowed Russia to earn more than US$2 billion in additional revenue due to higher energy prices.

Source: S&P Global, an American financial intelligence and analytics corporation

Details: The exemptions from US sanctions on Russian oil lasted from 12 March to 17 June. The licences were initially seen as a temporary tool to ease tensions on energy markets.

In May, Russia exported an average of 6 million barrels of crude oil per day, compared with 5.6 million barrels in April, 5.5 million in March and 4.9 million in February.

S&P Global noted that even if the US does not extend the exemption into July, Russia will continue to use various schemes to circumvent sanctions and redirect oil exports to Asia, albeit with significant discounts.

Background:

In mid-May, it was reported that premiums for Russia's ESPO Blend crude from the Far East on the Chinese market and for Urals crude on the Indian market had begun to fall due to weak demand.
In early June, Bloomberg reported that Russia's flagship Urals crude began trading in India at a discount to international prices again for the first time in more than two months.

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