Russian Oil Sales increased after Sanctions

Despite extensive sanctions by the Western alliance, Russia is currently selling more oil and gas than what it was selling before it announced war on Ukraine. The United States, the United Kingdom, and the European Union imposed severe sanctions on Russia after it invaded Ukraine in order to put economic pressure on it. As per Russia’s Finance Ministry, the Russian Government will likely receive around $9.6 billion from energy sales this month. Bloomberg reported that it is now estimated that Russia will earn about $321 billion from energy exports in 2022. These estimates indicate that the sanctions imposed on it had no significant impact on Russia’s economy.

The United States imposed a complete ban on the imports of Russian energy. The UK announced plans to gradually scale back its importing of Russian oil. The EU blocked imports of Russian coal while it continues to mull a ban on the country's crude. These measures were declared to financially strangle Russia by cutting off Russia's access to energy-export revenues. However, Russia seems to remain unaffected by this. It still has enough buyers to keep the energy sector afloat and its trade income strong.