Russia has earned $ 20 billion per month from the sale of oil alone since January. Thanks to a roughly equal increase in the cost of the barrel, the price is now 50% higher than a year ago. The same thing is likely to have happened with gas, whose prices on the European market are even four times higher than normal.
Although some contracts are long-term and hence have predetermined prices, overall market circumstances are quite advantageous to sellers. However, there have been no significant decreases in Russian hydrocarbon shipments to date. The invasion of Ukraine has pushed prices even higher, and Putin's war appears to be self-financing to some extent.
Moscow gets over one billion euros each day on average from European countries. The United States, the United Kingdom, and Canada have agreed not to import Russian oil any longer. However, the three countries consume very little crude from Moscow, with Canada receiving only one barrel.
The European Union, on the other side, is attempting to reach an accord that will begin a progressive embargo. Hungary is officially opposed, but there is significant ambivalence about the concept among several chancelleries. The answer does not appear close, and the question "is difficult," according to EU sources.
It would be even more difficult to decide to cease buying gas, the fossil on which Europe is most reliant and for which alternative supplies are more difficult to prepare and, in any event, more expensive. Over $ 120 billion is spent annually on Russian oil and refined products by about fifty countries throughout the world. China (33 billion dollars), the Netherlands (21 billion dollars), Germany (8.5 billion dollars), Poland (6.4 billion dollars), and Italy are the first clients (6 billion). Prior to the present rises, gas collections had plateaued at roughly twenty billion dollars each year, with Italy topping the list of purchase value.