Russia's Oil Revenues Soar, Surpassing Pre-War Levels
Russia's monthly income from oil exports has surpassed pre-war levels, generating $11 billion in the year since G7 countries imposed a price cap on Russian oil. Moscow has rerouted its oil exports to China and India, exporting almost 3.5 million barrels per day in 2023. Net oil revenues have almost doubled between April and October, making up 31% of the country's total net budget revenue for that month. Anonymous traders and unknown shipping companies have handled about $11 billion of Russia's petrodollars. The US Treasury has sanctioned eight oil tankers for price cap violations, and inquiries have been made about potential breaches with around 100 ships. Russia is expected to use the extra proceeds from oil and gas sales to cover its budget deficit.