Higher crude oil and fuel prices allowed Russian revenues to climb in May despite its export volumes slipping due to sanctions, the International Energy Agency said on Wednesday.
The findings underscore the difficulty of punishing Moscow for its invasion of Ukraine by banning Russian imports, moves which have exacerbated a supply crunch and driven up prices.
Crude exports held steady on the month at 5.4 million barrels per day (bpd) but refined product shipments slipped 155,000 bpd compared to April to 2.4 million bpd.
“With higher crude oil and product prices globally, Russian oil export revenues are estimated to have increased by $1.7 billion in May to about $20 billion,” the Paris-based agency said in its monthly oil report.
