Remember when the media, Democrats and a handful of Republicans got so excited when Joe Biden put an embargo on Russian oil? The media played it up as a way to crush the Russian economy. The ruble fell, and is now at record high levels. Now, Putin, whatever you think of him is selling more Russian oil, at a higher price (mostly to China) than before the US Embargo. This is Jimmy Carter on steroids, for those of you who remember those days in the 70s.
Joe Biden’s much-heralded international embargo of Russian oil purchases has flopped.
Vladimir Putin is selling more oil to the world now than before his unprovoked invasion of Ukraine provoked Biden’s ineffective boycott.
Not only that, but because of the economic and political uncertainty surrounding the Russian’s “special operation” and the mixed response of other countries, the global price of oil has surged about 30 percent.
So, Putin is not only selling more oil because of his war. He’s also reaping much greater revenues at higher prices because of his war. Which provides far greater sums to finance the now prolonged fighting that Biden professes to oppose.
Before the war, Russia delivered to Europe, for instance, about half of its nearly eight million barrels per day production of crude and refined oil.
Even if Russia cut its production levels now, thanks to increased oil prices energy experts estimate its annual oil revenues to be about $180 billion a year, 45 percent larger than last year.
Russia has shifted its energy sales to Asia, especially ally China, to developing countries that cannot afford the luxury of political protests, and to India, which also needs the energy and has often played Russian relations off against Western attention, for instance, in arms purchases.
Notably, India has refrained from condemning Putin’s invasion at the United Nations and is reportedly enjoying a 30 percent discount on Russian oil.