Part 4/7:
Increased Refining via Third Parties: The nature of the sanctions allowed European countries to import refined petroleum products from third countries. This resulted in heightened imports from nations like Turkey and India, effectively keeping Russia's oil flow alive.
Tight Global Energy Market: The global surge in oil and gas prices—driven by geopolitical disruptions—ensured that even discounted Russian oil found buyers. After Europe restricted Russian oil imports, Moscow redirected its focus to Asian markets, particularly China and India, which rapidly ramped up purchases.
An Uncertain Future: Declining Revenues Ahead
Looking ahead, the Kremlin's forecast appears optimistic in light of three major factors poised to drive down revenues: