Russia is Projected to Rake in an Additional $6.4 Billion in Oil Revenue in June
Jose Nino
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According to estimates from Russia’s finance ministry released on June 3, 2022, Russia is projected to receive $6.37 billion in oil and gas revenues in June. This comes at a time when commodity prices have increased since Russia invaded Ukraine.
In addition, Russian officials expect budget revenues at $10.66 billion for May and June owing to rising oil prices, which has exceeded the expectations of many energy pundits.
Energy commodities have been rallying in the past few months, which has only been magnified in the wake of Russia’s military operation in Ukraine. The collective West has been sanctioning Russia left and right, with particular emphasis on its energy sector.
However, these sanctions have had minimal effect on Russia’s oil revenues and its ability to carry out its military operation. In fact, Tsvetana Paraskova of Oil Price has noted that Russia is still raking in billions of dollars in oil and gas revenues.
While there has been a lot of chest pounding from European countries about decoupling from Russian oil and gas. Russian oil and gas exports have continued to flow steadily to the EU. Paraskova noted that some of Russia’s biggest clients are Germany and Italy.
The economic war the West has launched against Russia has compelled it to divert its trade to China and India. In many regards, Russia is pivoting East and embracing more of a Eurasian geopolitical and geoeconomic identity. The US must adjust accordingly and become more energy independent and focus more of its attention at home and in the Western Hemisphere (on trade matters specifically).
The neoliberal moment of the 1990s is over and now the world is entering a 19th century geopolitical environment of multipolarity against the backdrop of 21st century technology and infrastrcuture.
The times they are a-changin’.
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