Russian oil company LukOil – Photo: ANADOLU AGENCY
According to CNBC, the Finnish Center for Research in Energy and Clean Air (CREA) has just published a study showing that Moscow has recently recovered its oil export earnings.
The announcement comes less than a week after G7 leaders said – at the conclusion of a summit in Hiroshima, Japan – that peak prices for Russian oil and oil products are rising. Falling Russian revenues and falling world oil and gas prices are benefiting neighboring countries.
CREA energy analysts say the price cap coalition has failed to correct price levels and enforce policy. This resulted in Russia’s restrictive measures “losing traction, integrity and reliability”.
Lauri Myllyvirta, lead analyst at CREA, said that in April, although Russia’s export revenue increased significantly, it still significantly decreased compared to the same period in 2022, mainly due to the impact of Russia’s import ban. EU and oil prices fell.
However, according to Myllyvirta, for the first time Russia has managed to export its main crude oil at a price systematically higher than the price cap set by the US, EU and their allies. This revealed “big holes” in the implementation of the price cap policy.
A European Union spokesman declined to comment when contacted by CNBC.
Russia’s oil revenue recovery will continue
The CREA report said that the increase in export revenue in March helped Russia’s mining tax revenue in April recover by 5% compared to the previous month. An even bigger increase is expected in May.
According to CREA, since the EU import ban and the G7 Russian oil price cap, Moscow has gained around 58 billion euros ($62.5 billion) in export revenue from oil transported by sea. , according to CREA.
Much of this is shipped on European or insured tankers.