JRL NEWSWATCH: “Russia Confounds the West by Recapturing Its Oil Riches” – WSJ

Oil Wells file photo, adapted from image at usda.gov

“Moscow is raking in more revenue than ever with the help of new buyers, new traders and the world’s seemingly insatiable demand for crude.”

“Russia pumps almost as much oil into the global market as … before its invasion of Ukraine. With oil prices up, Moscow is also making more money. Demand from some of the world’s largest economies has given … Putin the upper hand … confound[ing] the West’s bid to cripple Russia’s economy with sanctions. Sales are booming in Russia’s export market, the world’s largest in crude and refined fuels. … [N]ew trade arrangements have given [] Putin cover to use natural gas exports as an economic weapon …. Before the war, Russia supplied Europe … 40% of its gas. … [Yet] Dec. 5[] the EU … phase[s] in an embargo on Russian oil and a … ban on insuring and financing Russian oil cargoes. … [both of which] would significantly escalate efforts to handicap Russia’s economy. …”

Click here for: “Russia Confounds the West by Recapturing Its Oil Riches; Moscow is raking in more revenue than ever with the help of new buyers, new traders and the world’s seemingly insatiable demand for crude” – Wall Street Journal/ Joe Wallace, Anna Hirtenstein


 

Comment