Western sanctions against Russia have been used primarily to obfuscate the cause of western inflation and keep the citizen pitchforks from reaching various government offices. So far, the strategy -assisted by western media- has been mostly successful.
However, the International Energy Agency (IEA) is reporting that despite the western sanctions against Russia, the Russian energy sector is having no trouble finding customers for its oil sales. With global oil prices at their highest rates in years, in part driven by the energy policy of the same western leaders who triggered the sanctions, Russia is getting just as much economic benefit as it was before the sanctions regime was triggered.
(EU FINANCE) – Russia continued to rake in oil revenues in May despite a global boycott from companies and most countries following its invasion of Ukraine, a new report has shown.
The International Energy Agency (IEA) said the Kremlin’s oil-export revenues surged to around $20bn last month, an 11% increase from the month before, despite shipping lower volumes.
Its latest monthly report, published on Wednesday, said this takes Moscow’s total revenue for shipping oil and crude products roughly back to levels before the invasion of Ukraine. Russian exports fell by about 3% due to lower oil-product flows, the Paris-based agency estimates.
Meanwhile, crude shipped during the month grew by nearly 500,000 barrels a day compared to the start of the year, largely thanks to higher deliveries in Asia.
“China and India, which have both sharply increased crude oil purchases from Russia, are net product exporters and have no need to lift Russian products,” it said. (read more)
What IF Covid-19 came out of the US run Defense Threat Reduction Labs in Ukraine ( 46 known ) ?
Would that explain the payoffs in billions in ” Aid ” ?
Probably for election war chest funding. UniParty needs cash, just saying.
wuhan is more likely given the darpa documentation and peter daszak’s proposal to them and later fauci then wuhan.
Fall cannot come quick enough.
Unless they do a turbo reverse, most of these prevaricating globalist rulers are going to be taking so many nutshots from their own citizens, they will be limping around, with a permanent metal taste in their mouths.
“ ‘China and India, which have both sharply increased crude oil purchases from Russia, are net product exporters and have no need to lift Russian products,’ it said.
“Last month, EU leaders agreed in principle to cut 90% of oil imports from the Kremlin by the end of 2022, sending oil prices sky rocketing and breach the psychological $124 barrier.
“Brent crude (BZ=F) fell 1.2% to $119.88 a barrel on Wednesday, while US light crude (CL=F) was 1.2% lower to $117.46 at the time of writing.”
China and India are increasing purchases of oil but Brent crude and WTI are declining in price. This is odd because the cost to refine light crude is less than that for high-sulfur Russian oil.
What explains this anomaly?
Russian oil is being offered at a steep mark-down. But if Russian oil is being heavily discounted, it suggests the ruble is overvalued.
If the Russians ruble is overvalued, asset prices on the Russian stock exchange are overstated and a crash will inevitably result.
Because of sanctions, wealthy Russians have few safe havens. Their money is invested in the national economy. Consequently, the coming crash, will affect the oligarchs disproportionately.
This will set the stage for a palace coup.
OMG, you mean a massively overvalued stock market completely divorced from production indicates instability in a government? Whoda thunk it? Good thing the US has not been subjected to such manipulations or else we might fear our stock market collapsing. Would that lead to a “palace coup?” You mean another one?
The ruble is overvalued if Russian oil is selling at a steep discount. Oil is their main export and source of foreign exchange.
I don’t know how that led you to conclude that I was writing about the US stock market.
*** wealthy Russians have few safe havens ***
.
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Every oligarch has options.
The sanctions are Russia’s most potent weapon to break up NATO, and expose the globalists to the wrath of the common man. And Russia isn’t even paying to wield that weapon. The fools are doing it for them.
“Every oligarch has options.”
They don’t have the option of exchanging rubles for foreign currency because Russian banks have imposed capital controls. As a result, they cannot hedge against the risk of ruble devaluation.
“This will set the stage for a palace coup”
Chris you have been taking quite an eye watering pounding over the last few weeks. I really hope that this is the straw that will turn things around for you.
Fingers crossed that this will be “the one”!
“Chris you have been taking quite an eye watering pounding over the last few weeks.”
By whom?
By whom?…Indeed.
At the same time our stock market here at home erased all gains yesterday that Brandon has under his watch!
Obviously as the Biden Administration and it’s state department play candyland or chutes and ladders the potential enemies and competitive nations in the global economy are working the systems to the benefit of their nation and citizens .
The parasitic leftist ideologues intrenched in the DC Swamp are playing a foolish child’s game and the adults are laughing at them and us as Americans as the fragments of what is left of our republic circles the drain
PedoJoe46 has done a great job for Putin and Russia…….
They’re selling/shipping the same amount of energy……and getting more money for it……
It looks to be a win/lose situation…..
Putin/Russia wins…..PedoJoe46/America loses.
It’s okay, Joe says the sanctions were never actually supposed to accomplish anything.
The four stages of grief (revised for 2022):
Since their Russian sanctions seem to be not panning out it looks like the U.S. and Israel may be set to expand the conflict in Syria. The N.Y. Times reported that Israel is coordinating with the U.S. on attacks inside Syria.
The Syrian region is heating up no doubt due to the neocons and their bosses needing to find another way to attack Russia. war mongers will be war mongers.
Destroying the American economy, and all the cause and effect that is ushered in with that, is part of the democrat agenda (and complicit republicans as well!). With a significant part of the population blindly following the democrats in order to avoid “mean tweets’, it certainly appears that our country will have to go through blood. fire and death in order to emerge on the other side of this.