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To: woodpusher

This is the headline to your NY Post link:

Russian energy revenue down 46% in 12 months despite February jump


58 posted on 03/03/2023 7:25:29 PM PST by marcusmaximus
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To: marcusmaximus
Russian revenue from energy exports went up in 2022 and "Russian oil and gas revenues, the mainstay of state coffers, rose 22.5% in February."

There was a temporary dip in the export of oil while Russia sought tankers to deliver its oil. The sanctions and price cap do not affect most of the area or population in the world. The new sanctions created a new industry delivering Russian oil. It has recently amassed a 600-tanker fleet with the number continuing to grow.

https://www.nytimes.com/2023/02/07/business/russia-oil-embargo.html

By Anatoly Kurmanaev and Stanley Reed
Anatoly Kurmanaev reported from Berlin, and Stanley Reed from London.

New York Times

Feb. 7, 2023

Shunned by the West, Russia was able last year to redirect its potent oil exports to Asia, marshal a fleet of tankers unencumbered by Western penalties and adapt evasion schemes perfected previously by its allies Iran and Venezuela.

The strategy worked: President Vladimir V. Putin not only retained but also increased money from energy exports, according to official data, and may have brought in more cash, collected in the shadows of the oil trade, that could be helping the war effort.

https://www.cnn.com/2023/03/01/business/russia-oil-shadow-fleet/index.html

As Western sanctions against Russia have escalated over its invasion of Ukraine, more ships have joined an existing fleet of mysterious tankers, ready to facilitate Russia’s oil exports.

Industry insiders estimate the size of that “shadow” fleet at roughly 600 vessels, or about 10% of the global number of large tankers. And numbers continue to climb.

[...] As Europe has weaned itself off Russian energy, buyers in Asia have cut deals. China boosted imports of Russian oil to 1.9 million barrels per day on average in 2022, up 19% from 2021, according to the International Energy Agency. India ramped up purchases even more sharply, logging an 800% increase to an average of 900,000 barrels per day.

Russia’s oil exports to China and India both hit record highs in January after Europe’s ban on seaborne Russian oil took effect, according to Kpler, a data and analytics company. Exports to Turkey, another top customer, also continued apace. (The ban on refined oil products did not kick in until February.)

https://www.intellinews.com/how-big-is-russia-s-ghost-fleet-of-oil-tankers-271123/

As bne IntelliNews has already reported, there has been significant leakage with the existing oil sanctions. Dodges like ship-to-ship transfers of oil to hide its origin are already happening, and mixing “crude cocktails”, adding Russian crude to other blends to mask its origin, has also been reported. When Iranian oil was sanctioned it started cutting “compensation deals”, where it would take the sanction-enforced prices, but cut deals with buyers who would then overpay for other non-sanctioned commodities like wheat.

60 posted on 03/03/2023 11:49:16 PM PST by woodpusher
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