Russia's $56 Bln Profit From Redirecting Hydrocarbon Supplies

Since 2022, the EU has imposed comprehensive sanctions on Russian energy imports. Restrictions on coal were also followed by oil later that year, which are in place to this day. This, however, did not stop Russian industry from rerouting its supplies and yielding billions in profit.

According to Sputnik's calculations, Russia made nearly $187 billion from exporting oil, gas, and coal to several friendly nations in 2023 alone, marking a $56 billion increase compared to the average exports to European countries prior to the anti-Russian sanctions.

The data analyzed mainly concerns major buyers of Russian hydrocarbons like Turkiye, China, India, Brazil, Indonesia, Malaysia, and the EU.

In December 2022, Russian authorities banned exporting the country's oil and petroleum products to foreign contractors that provide for contractual price caps in one way or another. The presidential decree entered into force on February 1, 2023, and has since been extended until June 2024.

Check out Sputnik's infographics to learn more!