Russia is selling nearly as much oil as it did before it invaded Ukraine and raking in more cash because of high prices despite the West’s push to hamstring President Vladimir Putin’s economy with crippling sanctions.
Boxed out by Europe, the Russians are finding export markets in new places, sending fuel oil — a lightly refined version of crude — to places like Saudi Arabia, where it is burned in power stations, and the United Arab Emirates, where it is blended with oil from other places, The Wall Street Journal reports.
Oil prices are coming down but still higher than a year ago, so Russia is earning $20 billion in average monthly sales compared to a $14.