Russian oil exports reached a three-year peak in March despite sanctions, but gains are lower than in 2022, according to data released this Friday 14th April by the International Energy Agency (IEA).
Ukraine’s allies have adopted economic sanctions against Moscow to reduce Russia’s ability to finance the war effort that began with the invasion of the neighboring country on February 24, 2022.
Even so, Russian oil exports increased in March by 600,000 barrels a day to 8.1 million barrels a day.
The increase included refined petroleum products, which rose by 450,000 barrels a day to 3.1 million barrels a day.
“Russian oil exports in March reached the highest level since April 2020, as product flows increased to levels last seen before the Russian invasion of Ukraine,” noted the IEA.
As a result, “estimated revenues recovered in March by $1 billion to $12.7 billion.
