Weren’t all those sanctions supposed to cripple Russia? Biden and his Democrat Comrades keep telling us what we’re experiencing is the Putin price hike (behind the NY Times paywall here)
Russia’s Oil Revenue Soars Despite Sanctions, Study Finds
Russia’s invasion of Ukraine triggered global condemnation and tough sanctions aimed at denting Moscow’s war chest. Yet Russia’s revenues from fossil fuels, by far its biggest export, soared to records in the first 100 days of its war on Ukraine, driven by a windfall from oil sales amid surging prices, a new analysis shows.
Russia earned what is very likely a record 93 billion euros in revenue from exports of oil, gas and coal in the first 100 days of the country’s invasion of Ukraine, according to data analyzed by the Center for Research on Energy and Clean Air, a research organization based in Helsinki. About two-thirds of those earnings, the equivalent of about $97 billion, came from oil, and most of the remainder from natural gas.
“The current rate of revenue is unprecedented, because prices are unprecedented, and export volumes are close to their highest levels on record,” said Lauri Myllyvirta, an analyst who led the center’s research. (snip)
“We’re asking the world to do everything possible in order to cut off Putin and his war machine from all possible financing, but it’s taking much too long,” Oleg Ustenko, an economic adviser to President Volodymyr Zelenskyy of Ukraine, said from Kyiv about President Vladimir Putin of Russia. (snip)
“You can stop importing Russian caviar and Russian vodka, and that’s good, but definitely not enough. You need to stop importing Russian oil,” he said.
So, we in the U.S. are paying for the sanctions, that mostly avoid Russia fossil fuels, that aren’t really doing much, and Russia is making money hand over fist selling to India and other countries. Good plan!
(Financial Times) In his State of the Union address days after Vladimir Putin’s forces invaded Ukraine, President Joe Biden listed measures the US was taking to punish Russia in a “battle between democracy and autocracy”. Yet as the west has sought to isolate one autocrat, it has been forced to seek help from others: Saudi Arabia and its fellow absolute monarchies in the oil-rich Gulf. (snip)
To damp sky-high petrol prices ahead of US midterm elections, Biden is having to turn to a state he pledged to treat as a pariah. Washington has urged Saudi Arabia, Opec’s de facto leader, to raise production. This month, the kingdom and its allies in Opec+, which includes Russia, finally announced a modest acceleration of output.
The White House credited Saudi Arabia for “achieving this consensus among the group members”. Biden is considering visiting the kingdom. That would mean sitting with Crown Prince Mohammed bin Salman — whom US intelligence concluded had authorised the operation to “capture or kill” journalist Jamal Khashoggi, who was murdered four years ago.
The energy crisis is increasing the leverage of MBS and other Gulf leaders. Only Saudi Arabia and the United Arab Emirates, another autocratic state, have the spare capacity to significantly boost oil production. Neighbouring Qatar, the world’s biggest exporter of liquefied natural gas, is meanwhile being courted by European governments and energy companies. While the world frets about energy supplies and inflation, the Gulf is enjoying a boom as the west’s reliance on its hydrocarbons only deepens.
If only there was some other solution instead of looking to Saudi Arabia.
Teach what is YOUR solution ? Build more refineries?
Capitalists aree reluctant to do so knowing that all vehicle builders will stop building fossil fueled cars and light trucks in a little over 10 years. Biden has been in office for 15 months it takes years to design permit and build a new refinery probably minimum 8years. Would you spend 10 billion to build a new medium refinery knowing that electric cars are the future? Or would you rather put that 10 billion into solar? Apparently getting giga loans from private banks to go solar is much easier than in long term fossil fuel projects
As for Russia’s economy there rate of inflation is not significantly different than any of the G8 economies it is about 7.6%
But actually beginning to deflate which is equally bad showing a lack of buying ability as the economy shrinks (deflates) For fossil fuel lovers 5 buck gas is great!! Energy companies are reaping huge windfall profits. Only the zsaudis and UAE have production/refinery capacity. How many refineries in the USA were built when trump was in office? But yet you somehow expected that to happen after “Brandon” was elected.????BDS B randon Derangement Syndrome
“Teach -what is your solution? Build more refineries?”
The solution is to get rid of grandpa Brandon and the Dems in Congress.
The New York Times said:
For all of Vladimir Vladimirovich’s mistakes, the one thing on which he was absolutely right was that Europe was absolutely dependent upon Russian oil and natural gas.
Vladimir Biden was right too. He wanted to reverse all Trump’ policies and he did. What does reek is the economy that is now officially in bear market territory after yesterday’s tanking of the S&P 500 and near 900-point collapse of the DJIA, as gasoline climbs above the $5.00 a gallon national average with inflation also headed for the stratosphere.
Vlad Biden in true commie form has destroyed the capitalist pigs in Amerika except for his commiecrat billionaire supporters who get richer and richer off the blood and money of us working stiffs daily. President jerkoff joe is a real boon to the us.