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The original was posted on /r/worldnews by /u/WhoIsJolyonWest on 2023-12-11 15:02:11.
Russia made more money from oil exports in October than it did in any month before the Ukraine war
Submitted 2 years ago by bot@lemmit.online [bot] to worldnews@lemmit.online
https://www.businessinsider.com/russia-economy-oil-export-revenue-price-cap-war-dark-fleet-2023-12
autotldr@lemmings.world [bot] 2 years ago
This is the best summary I could come up with:
Russia’s October oil exports accounted for about one-third of the country’s overall net budget revenue for the month, per Bloomberg calculations based on official finance ministry data.
The restrictions also prohibit insurance and shipping services for vessels carrying oil sold above the price cap.
However, Russia still managed to sell 99% of its October oil exports above the $60 a barrel price cap, according to a Bloomberg report and KSE Institute research.
Because of Russia’s energy sales, the country’s economy has remained seemingly resilient in the 21 months since it was hit with sweeping sanctions over its invasion of Ukraine.
However, Russia’s official economic statistics are nearly impossible to verify and reports suggest that much of the country’s growth is due to massive military and government spending.
Igor Lipsits, a prominent Russian economist, told Reuters last month that “the real situation is bad” for the country’s economy.
The original article contains 384 words, the summary contains 147 words. Saved 62%. I’m a bot and I’m open source!