US energy security envoy Amos Hochstein has acknowledged that Russia might be making more revenue from fossil fuels than before its February invasion of Ukraine. Washington has responded with waves of sanctions aiming to crush the Russian economy.
Hochstein made the comments during a hearing for the Senate Subcommittee on Europe and Regional Security Cooperation. In response to a question about whether Moscow was making more money now off its fossil fuel sales, Hochstein said, “I can’t deny that.”
In May, the International Energy Agency said that Russia’s oil revenue was up 50% this year. Hochstein said the White House did not anticipate the spike in oil prices, noting that the demand for oil in 2022 is “far greater, stronger than anyone predicted.”
Over the past three months, the US and its Western partners have heavily sanctioned Russian energy imports and attempted to pressure the rest of the world to do the same. Beyond Europe, however, the effort has largely been unsuccessful, as countries like India have boosted Russian oil purchases. – READ MORE