US exposes Russia's revenue decline despite lifting oil sanctions
Russian oil exports drop by a quarter (photo: Getty Images)
US Treasury Secretary Scott Bessent stated that the 30-day suspension of sanctions on Russian petroleum products did not increase Moscow's revenue, but in fact, reduced it.
According to Secretary Bessent, the main factor driving Russia's profits from oil and petroleum sales is price.
"Our analysis shows that the maximum extra amount that Russia could get would be $2 billion, which is one day of the Russian Federation's budget," the US minister said.
He noted that Russia would still generate income even under sanctions, as about 90% of Russian oil is purchased by China. However, he emphasized that the United States cannot impose similar restrictions on Beijing.
Bessent added that Russia's oil exports fell by roughly 25%, while other countries avoided purchasing energy from it.
Russia's energy revenues
Earlier reports indicated that Russian leader Vladimir Putin ordered energy companies to maximize profits from the price spike caused by the war in Iran.
Amid the global crisis and supply shortages, the US Treasury allowed India to purchase Russian oil stranded at sea by issuing a special 30-day temporary sanctions exemption.
In addition, the US Office of Foreign Assets Control issued a new license temporarily permitting transactions involving Russian oil on sanctioned tankers.
This decision applies to cargoes loaded before March 12 and allows their unloading and sale to help stabilize the energy market.
