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There’s a hole in Moscow’s vault. Sanctions against Kremlin boss Vladimir Putin’s (70) country appear to be more effective than Russia would like to admit. As NZZ reported, in January 2023 alone, Russia’s revenue from oil and gas exports fell 40 percent from the previous year. The newspaper refers here to an assessment made by the International Energy Agency. According to the Bloomberg agency, it fell 46 percent in February compared to the previous year.
Moscow earns significantly less from energy exports because EU countries send much less Russian gas to the West via pipelines.
drastic drop in gas
Gas supplies fell 80 percent from the level before the outbreak of the Ukrainian war. Also in reverse gear: Russian oil exports. Fossil fuels dominate Russia’s exports. Moscow is making up for the decline in EU deliveries with exports to China. However, the calculation only partially works because the People’s Republic can only import to a limited extent due to the lack of a gas pipeline infrastructure.
According to NZZ, this confirms what Western think tanks and international organizations announced with the certainty of victory in January 2023 that Russia had lost the energy war. They also assume that fossil fuel sales, Moscow’s most important source of income, will continue to collapse this year. (euro)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
