Russian oil export revenues rising despite sanctions - report

Russian oil export revenues rising despite sanctions - report

Despite predictions of doom for the heavily sanctioned Russian economy, Russian oil exports to Europe and nations such as India and Turkey have actually risen, Foreign Policy writes.

"For now many of the same countries that are sanctioning Russia are still seriously undercutting their efforts by buying energy from it. In some cases in even larger amounts during April than in March," the article reads.

Despite Western restrictions on Russia's financial sector, oil exports are up to 3.6 million barrels a day in April, compared with 3.3 million barrels a day the month before, said Matt Smith of Kpler, a firm that tracks oil cargo ships. "The big takeaway is that Russian crude oil exports are actually higher so far this month than they were last month," Smith said. "It's surprising."

Former Europe specialist at the State Department Edward Fishman said that Russia is continuing to make at least a billion dollars a day selling oil and gas, and the lion's share is from Europe.