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U.S. to halve Russia's energy revenues by 2030 - State Department

U.S. to halve Russia's energy revenues by 2030 - State Department U.S. plans to halve Russia's energy revenues by 2030 (Getty Images)
Author: Maria Kholina

The United States government intends to halve Russia's income from oil and gas exports by the end of this decade, according to Deputy Secretary of State for Energy Resources Geoffrey Pyatt in an interview with the Financial Times.

"We’re going to do everything we can to help make that true. The goal of these sanctions is to change Russia’s behaviour and to ensure that Putin is not in a position, whenever some kind of peace is achieved... to use three or four years to rearm and prepare himself and prepare his military for stage three of the Ukraine invasion," said Pyatt.

It is noted that Russia continues to export large volumes of oil since the start of the full-scale invasion of Ukraine in February 2022. However, the International Energy Agency predicts that oil and gas exports from Russia could fall by at least 40-50% by 2030 if Western sanctions against the Russian energy sector persist.

Price ceiling on Russian oil

At the end of last year, G7 and EU countries decided to impose price restrictions on Russian oil at $60 per barrel. This is necessary to limit the ability of the aggressor country to earn money through exports.

But by the end of September this year, the Financial Times reported that Russia had managed to increase its commodity income despite the restrictions, which circumvents price limitations.

According to the report, Kremlin's oil revenues in 2023 are likely to be at least $15 billion more than expected.