Despite severe sanctions imposed by the United States and the European Union, Russia’s oil revenue has significantly increased.
Limited to June, the country’s oil and gas production value has increased by over 50% compared to last year, reaching 9.4 billion US dollars. This progress is remarkable considering the numerous actions aimed at weakening the Russian economy.
Previously, oil revenue declined by 23.9% last year. However, Russia has managed to diversify its distribution pipelines and adjust prices to remain competitive, thereby offsetting the initial losses and consolidating new trade relationships despite the sanctions.
The recovery of Russia’s oil revenue is having an impact on BRICS countries, benefiting from the country’s economic resilience and enhancing its international standing.
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For instance, India has saved a substantial amount of funds by purchasing oil from Russia at lower prices, which helps stabilize its economy amidst global turmoil. China, on the other hand, is increasing its energy reserves by increasing imports of Russian crude oil.
This shift may ultimately contribute to challenging the Western economic dominance.
