Russia could secure more revenue from its fossil fuels today than it did before its invasion of Ukraine, as rising global prices offset the impact of Western efforts to curb sales, he said. State Department Adviser on Energy Security Amos Hawstein.
“I can not deny it,” Hawstein told the US Senate Subcommittee on Europe and Regional Security Cooperation, when asked if Moscow was making more money now from crude oil and gas sales than before the war.
The United States and the European Union have agreed to ban Russian energy imports and have imposed successive sanctions to punish Russia for invading Ukraine.
While these moves “froze” international trade in fossil fuels from Russia, they also contributed to the sharp rise in world oil and gas prices. At the same time, Russia has managed to sell larger quantities to other buyers, such as China and India (two of the largest consumers), offering competitive prices compared to other suppliers.
Amos Hokstein said that although Russia had offered China and India a discount to compete with other suppliers, rising world prices meant that revenue was likely to be higher for Moscow now. He added that in recent contacts with Indian government officials, he had asked New Delhi to limit Russian oil purchases and argued that he believed India had set a ceiling on the quantity it would buy from Russia, without going into further details. .
Source: Capital
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