The Russian Federation under sanctions: the Kremlin has increased income by selling oil - Bloomberg

That is, all the efforts of the countries have been ineffective, writes Bloomberg. Thus, journalists have studied the data of the Ministry of Finance of Russia and found that the flow of money to the state budget of the country has been growing for several months in a row. The publication states that the data is forced to think whether the G7 is needed, especially the US and the European Union, to introduce more aggressive restrictions in order to really deprive the Kremlin.

The Allies of Ukraine relied on a price restriction on the energy of the Russian Federation, which did not allow Western firms to assist in the transport of Russian oil, if it costs more than $ 60 per barrel. But apparently, almost every sea cargo of Russia exceeded this threshold in October 2023. It is noted that the gross income of the Russian Federation from the three main tax sources of oil dollar almost doubled in the period from April to October, raising more than $ 13 billion in October.

October income has exceeded income for any separate month of 2021, that is, now indicators even exceed the level of the pre-war period. Even after the consideration of significant subsidies of the country's oil refining industry, which in August and September was at the level of $ 2-3 billion, it is obvious that Russia was able to bypass sanctions, make money and finance war against Ukraine.

However, in October, Russian refineries did not receive a subsidy for fuel supply to the domestic market, which contributed to a significant jump in the net oil income of Russia in a month. At the same time, the event is not going to ignore Russia's actions. Thus, according to the US Department of Finance, the following restrictions will focus focused on increasing the costs that the Russian Federation has to pay to save deliveries.

For this purpose, the ministry began to apply sanctions to navigable companies and ships that were transported above the limit level and began to look for ways to increase Russia's costs for the use of its shadow fleet. We will remind that since December 5, 2022 the European Union introduced an embargo on import of sea oil from Russia. G7 and Australia have also set a price ceiling at $ 60 at a barrel for Russian oil.