How are those oil sanctions working out, EU and NATO?
Tom KirkmanIndependent Project Manager
So how are those oil sanctions working out for you, EU / NATO ?
Oil sanctions are driving up gasoline and diesel prices in the Western countries that are trying to wean themselves off of Russian oil & gas.
Meanwhile, countries that do not support the sanctions are buying Russian oil at a huge discount.
Russia’s government only needs roughly $40 oil to break even for its budget. So currently Russia can sell less oil for more money than a couple years ago.
My regular disclaimer still applies:
I’m *not* pro – Russia.
But I *am* pro – oil & gas.
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“The evidence that Russia is mostly unaffected by NATO sanctions continues to mount.
While some in the mainstream media claimed that Russian oil revenues would collapse this year along with their currency, it appears that the opposite has happened. Russia’s currency is stable and their oil industry is thriving.
Russia has recently replaced Saudi Arabia as the second largest oil supplier for India, a country with a population of over 1.3 billion people. Iraq continues to act as their number one supplier.
This can be explained primarily by a shift in trade from west to east.
● Russia is replacing US and European buyers by increasing sales to allies such as China and India, as well as removing the dollar as the reserve currency mechanism.
China and India alone represent over 30% of the global population, while China remains the largest manufacturing base in the world.
● Ironically, western sanctions have made the Russia the most sought after exporter on the block as their oil is offered at a discount while energy prices skyrocket everywhere else due to inflation. …”