'Half revenue gone': Zelenskyy's office explains how oil sanctions to hit Russia
Photo: if sanctions are enforced, Russia to lose 5 billion USD in oil revenues per month (Getty Images)
As a result of sanctions against Rosneft and Lukoil, Russia could lose more than half of its oil exports to India and China, amounting to roughly half of its oil revenue.
This was stated by Vladyslav Vlasiuk, the President of Ukraine’s Commissioner for Sanctions Policy, citing his appearance on My-Ukraine.
He explained that sanctions against Rosneft and Lukoil were imposed by both the United States and the United Kingdom, while the European Union sanctioned only Rosneft, as some EU members remain dependent on Lukoil.
Vlasiuk noted that these sanctions could potentially cost Russia around $100 billion a year in lost revenue. He added that, if the restrictions are properly enforced, Russia would lose at least 60–70% of its oil exports to India and China.
In that case, he said, the losses would amount to no less than $5 billion per month.
"It’s painful, it’s a lot. For comparison, Russia currently earns about $10 billion per month from oil. So, this means losing half of its oil revenue through just one sanctions decision targeting two major oil companies," Vlasiuk concluded.
Sanctions against Russia
On the night of October 23, the United States announced sanctions against Russia’s largest oil companies, Rosneft and Lukoil, as well as 36 subsidiaries.
The US Treasury Department urged Russia to agree immediately to a ceasefire in Ukraine.
