Sanctions against Russian fossil fuels: Russian revenues suffered recently!
Source: CREA Despite the sanctions, Russia still exports fossil fuel to a significant group of countries that include some countries in the EU. Since exporting fossil fuels has been a cornerstone of its economy, the war in Ukraine and the subsequent sanctions imposed by the West have made an impact on its coffers - for obvious reasons. To make matters worse for Russia, the European Union imposed what it calls, phased-in ban on imports of Russia oil on December 5, 2023. With this move, Russian oil revenues were dealt a major blow, according to seasoned analysts. The sanctions have resulted in the inability of collecting revenue for its oil exports by Russia. In order to get round the challenge, Russia started selling oil at heavily discounted prices for India and China. The challenge, however, is far from over: according to estimates by the Center for Research on Energy and Clean Air (CREA), for instance, Russia's oil export revenues in October 2023 were down by 36% compared to Oct
