Russia’s revenues from fossil fuels, by far its biggest export, soared to records in the first 100 days of its war on Ukraine, driven by a windfall from oil sales amid surging prices, a new analysis shows.
Russia earned what is very likely a record 93 billion euros in revenue from exports of oil, gas and coal in the first 100 days of the country’s invasion of Ukraine…
“The current rate of revenue is unprecedented, because prices are unprecedented, and export volumes are close to their highest levels on record,” said Lauri Myllyvirta, an analyst who led the center’s research.
The cost of oil production in Russia is $5 per barrel (yep, five), and the current price is $110 per barrel.
The ruble has climbed to 55 to the US dollar, compared to 80 before the war started — because Russia is requiring payment for its oil and gas in rubles, instead of USD as previously.
So economically, so far, it would appear the Russians are doing well from this war. Sure, their planes and industry are running out of western spare parts and electronic chips etc, but so far the effects of that aren’t obvious in the West.
In other words, the Russians are getting richer than ever on their oil and gas exports. How, exactly, is our oil ban hurting them? It’s not! But it’s hurting consumers in the US and Europe, and will do so indefinitely. We are plunging into recession because of all this. Do you think that the Biden administration cares? Watch this:
CNN: "What do you say to those families that say, 'listen, we can't afford to pay $4.85 a gallon for months, if not years?’"
BIDEN ADVISOR BRIAN DEESE: "This is about the future of the Liberal World Order and we have to stand firm." pic.twitter.com/LWilWSo72S
— Breaking911 (@Breaking911) July 1, 2022
Yeah, why don’t you ask the working people struggling to fill up their cars how much they care about The Future Of The Liberal World Order. …
You can’t eat the Liberal World Order. You can’t power your car or heat your home with the Liberal World Order.
You can bet the sanctions on Russia are hurting ordinary Russians far more than the elites. Same in the West.
hat-tip Stephen Neil, Steve B.