THE AMERICA ONE NEWS
Jun 1, 2025  |  
0
 | Remer,MN
Sponsor:  QWIKET 
Sponsor:  QWIKET 
Sponsor:  QWIKET: Elevate your fantasy game! Interactive Sports Knowledge.
Sponsor:  QWIKET: Elevate your fantasy game! Interactive Sports Knowledge and Reasoning Support for Fantasy Sports and Betting Enthusiasts.
back  
topic
Breanne Deppisch, Energy and Environment Reporter


NextImg:Western sanctions push Russian oil and energy revenue to lowest point since 2020


Western sanctions have pushed Russian oil and energy revenues to their lowest point since August 2020, according to data published Friday by Russia’s Ministry of Finance, highlighting the early successes of the Group of Seven-backed Russian oil price cap that came into force late last year.

Russia’s primary Urals grade crude traded at an average of $49.48 per barrel for the month of January, down 42% compared to January 2022, according to the country's data.

MANCHIN JOINS LANKFORD IN PRESSURING REGULATOR TO BACK OFF GAS STOVE INQUIRY

Meanwhile, prices for international benchmark Brent crude remained largely unchanged during the same period, trading around $82 per barrel as of early Friday afternoon.

An oil tanker is moored at the Sheskharis complex, part of Chernomortransneft JSC, a subsidiary of Transneft PJSC, in Novorossiysk, Russia, on Oct. 11, 2022, one of the largest facilities for oil and petroleum products in southern Russia.


Though Russian crude prices are trading well below the $60 cap set by Western leaders in December, higher transportation costs, longer shipping distances, and the steep discounts it has been forced to offer to new buyers in China and India have sharply cut into its revenue. This caused its January earnings to fall 54% compared to December 2022, according to data provided by Russia's finance ministry.

Russia has also kept its barrels on the market, alleviating early fears that the price cap would cause it to halt or significantly curtail its crude exports.

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

Russian Deputy Prime Minister Alexander Novak said Wednesday that Moscow's oil production and energy exports remain “stable” despite efforts by G-7 leaders and other Western allies to cut into the Kremlin's war chest.

Novak added that Russian exports are stable, with rising demand from China, coupled with this week's OPEC+ decision to leave production targets unchanged, expected to send Urals prices higher.