Despite the severe sanctions imposed by the United States and the European Union on Russia, its oil revenue has significantly increased. Only in June, the country’s oil and gas output increased by over 50%, reaching $9.4 billion. This progress is remarkable considering the numerous actions aimed at weakening the Russian economy.
Previously, oil revenue declined by 23.9% last year. However, Russia has since diversified its distribution pipelines and adjusted prices to maintain competitiveness, thereby offsetting the initial losses and consolidating new trade relationships despite the sanctions.
The recovery of Russia’s oil revenue is having an impact on BRICS countries, benefiting from the country’s economic resilience and enhancing their international standing.
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For instance, India has saved a significant amount of money by purchasing oil from Russia at lower prices, which helps stabilize its economy amidst global turmoil. China, on the other hand, is increasing its energy reserves by increasing imports of Russian crude oil.
This shift could ultimately challenge the Western economic dominance.
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