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Russia heads into 2024 making a mockery of western oil sanctions

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Forbes or enjoy below:

🗞️ Driving the news: Despite Western sanctions and a $60 per barrel price cap, Russia's oil market position remains strong into 2024, largely thanks to increased exports to China and India 
This pivot to Asian markets has helped Russia maintain its status as the third-largest oil producer and second-largest exporter globally

🔭 The context: Following the invasion of Ukraine, the West imposed sanctions and a price cap on Russian oil, intending to hit Moscow's revenue 
However, Russia successfully diverted oil exports from Europe to Asia, notably increasing shares to China (45-50%) and India (40%)

🌍 Why it matters for the planet: Russia's resilience in the oil market underscores the complexities of global energy politics and the limitations of sanctions in a multi-polar world 
The situation highlights the ongoing global reliance on fossil fuels and the challenges in enforcing energy-related sanctions

⏭️ What's next: Russia is likely to continue its robust oil trade with Asian nations, with no immediate signs of a decrease in demand from China and India 
This trend suggests that Western sanctions may have limited impact on Russia's oil revenue in the near to medium term

💬 One quote: "The main partners in the current situation are China...and, of course, India," said Alexander Novak, Russia's Deputy Prime Minister, emphasizing the shift in Russia's export strategy.

📈 One stat: Russia is pumping around 10.6 million barrels per day, marginally higher than its pre-invasion level, despite Western sanctions and the price cap.

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