Russia made more money from oil exports in October than it did in any month before the Ukraine war
Russia made more money from oil exports in October than it did in any of the months before the Ukraine war, according to a
Bloomberg analysis.
In October, Russia generated $11.3 billion in net oil revenues. That's more than the country made in any single month before it invaded Ukraine in February 2022. The revenue generated in October was also the highest since May 2022, when prices were volatile following the outbreak of the war.
Russia's October oil exports accounted for about one-third of the country's overall net budget revenue for the month, per Bloomberg calculations based on official finance ministry data.
Moscow's bumper oil takings in October came nearly a year after G7 countries imposed a $60-a-barrel price cap. This
program is aimed at limiting the oil earnings that would go to Russia's war chest while still keeping the global oil trade flowing. The restrictions also prohibit insurance and shipping services for vessels carrying oil sold above the price cap.
Russia's oil exports have been boosted by a shadow fleet of ships that do not have adequate insurance, have switched off their tracking systems, or are deliberately hiding their identities.
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