Russia is actually earning less following lifting of sanctions on its oil, — Bessent
U.S. Treasury Secretary Scott Bessent stated that Russia is actually earning less revenue from the sale of its oil after the U.S. temporarily authorized the sale of Russian oil and petroleum products that have already been loaded onto ships.
He said this in an interview with NBC News, according to Censor.NET.
Russia's revenues did not increase
"Will Russia receive more money if oil costs $150 (per barrel, ed.) and they get 70% of that? Or if oil costs less than $100? In that case, they receive less money. Our analysis shows that the maximum additional amount Russia could receive is two billion dollars, which is equivalent to one day of the Russian budget," said Bessent.
According to the U.S. secretary, Russia would still receive the money, since China buys about 90% of its oil.
"We were largely able to undermine their (Russian, ed.) exports, which fell by about 25% when the rest of the world wasn't buying (Russian oil, ed.). Exports declined, but there was a lifeline from China. But now we have opened up this (Russian oil, ed.) to everyone," said the U.S. Treasury Secretary.
What happened before?
- The U.S. Department of the Treasury announced the removal of a number of individuals and entities from the sanctions list related to Russia.
- The United States has granted a 30-day waiver allowing countries to purchase Russian oil and petroleum products that are subject to sanctions and are currently on tankers at sea. Treasury Secretary Scott Bessent called this move a measure to stabilize global energy markets, which have been unsettled by the war with Iran.
