Paris: International Energy Agency (IEA) informed on Wednesday that Russia’s oil export revenue fell 42 per cent in February. It added that this was due to the tightened sanctions over the country by the West, Agence France-Presse reported.
In February, Russia earned $11.6 billion from its oil exports after the European Union imposed a ban on its petroleum products as well as a price cap agreed with the Group of Seven and Australia IEA said.
It said it was down from $14.3 billion in January and a 42 per cent drop from $20 billion in February 2021. However, the country is shipping around the same amount of oil to international markets.
IEA said that this proves that G7 sanctions curtailed Russia’s ability to generate export revenue while ensuring the supply meets the demand.
In February, Russian oil export came down by 500,000 barrels per day (bpd) to 7.5 million bpd. This is after a big fall in exports to the EU.
However, IEA added that it found through the tanker tracking data that Russia managed to re-route barrels that used to be shipped to the EU and US to new outlets in Asia, Africa and the Middle East. But this could not manage to restrict the hit Russia’s oil revenue taken, IEA said.