Bloomberg reported Russia's maximum oil profits since May 2022

Russia's net oil revenues in October amounted to $11.3 billion, or 31% of the country's total budget revenues for the month, which was the highest level since May 2022, Bloomberg writes.

In October, Russia earned $11.3 billion from oil sales, according to Bloomberg calculations based on data from the Russian Ministry of Finance. The agency called this amount a “hole in oil sanctions” against Russia.

This amounted to 31% of Russia’s total budget revenues for the month and was the highest figure since May 2022, the agency emphasized.

According to Bloomberg, in the first nine months of 2023, Russian and shadow fleets moved more than 70% of Russian oil cargo, which “allowed Moscow to maintain control over exports and gradually raise prices.”

Thus, official data from Indian customs demonstrate that the price paid for Russianoil this year averaged $72 a barrel when it entered the country, $12 above the Russian oil price ceiling.

In 2023, Russia exported about 3.5 million barrels. oil per day and about $11 billion was spent on distribution of supplies. Some of this amount represents “legitimate shipping costs,” but almost all of these funds “pass through anonymous merchants or unknown shipping companies,” the agency writes.

With the exception of Russia's Lukoil PJSC, China National Petroleum Corp. and Indian Oil Corp., the five largest buyers of Russian oil remain unknown legal entities to date.

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Greek authorities said they could not prevent clandestine shipments of Russian oil taking place off the country's coast in international waters. At the same time, Bloomberg notes that Greek-owned ships handled more Russian oil in 2023 than ships from any other country except Russia itself—20% of all deliveries.

The G7 countries introduced a price ceiling for oil from Russia in December 2022. The limit was $60 per barrel. A similar measure affected Russian petroleum products: the maximum price for diesel fuel was $100, for fuel oil - $45.

President Vladimir Putin, in response to the introduction of price ceilings, issued a decree prohibiting the supply of Russian oil and petroleum products to foreign citizens and companies if the contracts “directly or indirectly provide for the use of a mechanism for fixing a ceiling price.”

On November 14, the US Treasury Department asked shipping companies from about 30 countries to provide information about almost 100 Russian ships that, according to American authorities, may be associated with violations of the price ceiling on Russian oil imposed by Western countries.

After this, according to the FT, the European Union invited Denmark to check and, if necessary, block Russian oil tankers passing through its waters.

The Kremlin recalled that all countries must comply with the rules of international commercial shipping in relation to Russian tankers.