Washington/Moscow: Russia has retained its fuel business despite sanctions imposed by the West in the backdrop of the Russia-Ukraine conflict that started last year. In the last week of August, the US website ‘Bloomberg’ provided information that Russia’s crude oil exports have reached up to 3.4 million barrels daily. It is said to be the record level of the last two months. The new figures that have come out against Russia’s reduction in production and export of crude oil and rising rates are attracting much attention.

Moreover, after the Russia-Ukraine conflict began, Western countries imposed heavy sanctions to pressure Russia. It also included the fuel sector, a significant contributor to the Russian economy. Imposing sanctions on the fuel sector would collapse the Russian economy and push it into a dire state; Western leaders and officials had expressed this possibility. However, in reality, Russia seems successful in cancelling its ban. Russia’s income from the fuel sector has decreased to some extent, yet Western countries seem to have failed to reduce Russia’s war expenditure by harming it.

In response to Western sanctions, Russia has announced reducing crude oil exports by eight million barrels per day. Besides, with the cooperation of the member countries of the ‘OPEC Plus’ group, crude oil production has also been reduced. Despite the decline in production and exports and the sanctions imposed by Western countries, Russia needs to increase crude oil exports. Europe, the United States and Japan were the main importers of Russian fuel. However, after the ban, Russia has seen increased fuel exports to Asian and Latin American countries. These include countries like China, India, Southeast Asian and Middle East countries and Mexico.