Russia Bloomberg: World still feeds more than 750 million euros a day into “Russia’s main artery”

West has imposed unprecedented economic sanctions on Russia since its outbreak of war in Ukraine.

In March, the president Joe Biden noted that the United States is imposing sanctions on the “main artery of the Russian economy” and banning the import of Russian oil and gas into the country.

“We can take this step even though many others can’t,” Biden said in his speech in which he referred Europe’s dependence on Russian energy.

However, hundreds of millions of euros a day still fly to Russia between sanctions, even though the war has been going on for 97 days.

Oil and gas revenues alone can flow to Russia on average about 751 million euros a day this year, predicts news agency Bloomberg on the basis of an assessment compiled by it. For the whole year, it would make a total of about 274 billion euros. That would mean revenue would increase by a fifth from last year.

European for the Union, the purchase of Russian oil and gas has become a painful issue. In banning the import of oil a compromise has already been reached and Germany will be in quite trouble if Russia shuts off the gas taps.

The latest form of pressure in the forthcoming sixth package of sanctions would be a ban on insuring oil tankerswhich could be a severe blow to Russia’s oil economy.

“There are always political tensions associated with the use of sanctions,” a senior researcher at the Peterson Institute in Washington Jeffrey Schott says to Bloomberg.

“It wants to maximize the subject’s torment and minimize it in its own constituency at home, but unfortunately it’s easier said than done,” Schott says.

In addition to energy, the world buys Russian wheat, nickel, aluminum and palladium. According to Bloomberg, rising raw material prices could actually benefit Russia, even though many Western players and companies are mapping the country.