Despite predictions of doom for the heavily sanctioned Russian economy, Russian oil exports to Europe and nations such as India and Turkiye have actually risen, Report informs, citing Foreign Policy.
"For now many of the same countries that are sanctioning Russia are still seriously undercutting their efforts by buying energy from it—in some cases in even larger amounts during April than in March, the article reads.
Despite Western restrictions on Russia’s financial sector, oil exports are up to 3.6 million barrels a day in April, compared with 3.3 million barrels a day the month before, said Matt Smith of Kpler, a firm that tracks oil cargo ships.
“The big takeaway is that Russian crude oil exports are actually higher so far this month than they were last month,” Smith said. “It’s surprising.”
“So far the government is continuing to backstop and pay some of these workers,” Fishman, the former State Department expert, said. “But how long can they keep that up? I think you’re going to see waves of unemployment in the remainder of 2022 almost regardless of what happens next on sanctions.”