FP learns about Russia's 'record revenue' from oil sales in April

Russia's oil export earnings in April could significantly outperform the same period in previous years, writes Foreign Policy citing the Institute of International Finance.

“Deliveries of Russian oil in April are still at a record pace. Even with a large discount on Russian oil compared to global benchmarks, this means that “oil export revenues are likely to significantly exceed the same month in previous years,” the publication says.

Reuters learned that European countries have resumed oil purchases from the UAE Business

Kpler expert Matt Smith said that oil exports increased from 3.3 million barrels per day in March to 3.6 million in April, despite anti-Russian sanctions . Analyst at the London-based consulting firm Energy Aspects Christopher Haynes, in turn, noted that most of the deliveries are the fulfillment of long-term oil contracts, but in Europe they are being “folded”. At the same time, deliveries to India and Turkey are growing.

The EU is preparing restrictions on the import of Russian oil, which Brussels is currently working on, Deputy Head of the European Commission Valdis Dombrovskis told the Times. According to him, we can talk about the gradual abandonment of Russian oil or the establishment of tariffs on imports that exceed a certain price ceiling. He clarified that the details have not yet been agreed. According to Politico, EU countries will present new measures on April 25, and adopt them four days later.

Bloomberg, citing sources, previously reported that European officials are considering three main options: imposing an embargo, setting a price cap, and creating a "payment mechanism to retain the proceeds" that Russia has received since the start of the military operation in Ukraine. At the same time, the US fears that a complete ban on Russian oil by the EU will lead to a sharp rise in prices and an increase in Russia's income from supplies, the agency wrote. United States President Joe Biden signed into law a bill to stop buying oil from Russia on April 8.

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