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Russia lost $40 billion due to oil sanctions

May 21, 2023

Due to the oil embargo and lower price caps, Russia lost $40 billion from its annual budget.


According to Ukrinform, this was stated by Vladyslav Vlasyuk, advisor to the Presidential Office, on the air of the United News telethon.

"Adoption of sanctions takes more time than we would like, but it leads to the good results we see. That is, in terms of diamonds, we will be talking about at least 3 billion a year, plus another blow to reputation. For precious metals, it will again be 2, 3, or 4 billion a year, depending on the scale of the bans. In terms of oil, we already see approximately minus 40 billion of Russia's annual budget only due to the embargo and price cap," Vlasiuk said.

According to him, it is important to work on imposing sanctions against the enemy's military-industrial and energy sectors. That is, all sanctions are aimed at either reducing the capabilities of the military potential or reducing financial flows to Russia. Work is also underway to introduce sanctions against the enemy's energy sector and precious metals.

"We think it will all be implemented. The only thing that always worries all partners who impose sanctions is the stability of global markets. That is why they want to make sure that the markets are stable before imposing any sanctions. The second thing is that the sanctions will not be just a slogan, but will be fully implemented," the Advisor to the Presidential Office emphasized.

He also added that Ukraine continues to put pressure on its partners because it believes that sanctions are still not enough, the war is still ongoing, and price caps for Russia can still be reduced.

Author - Serhii Kolomiets, 21/05/2023

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