Even sanctions could not rein in Russia earned $19 billion in March by selling oil, IEA report shocked the world

News India Live, Digital Desk: Despite strict sanctions and economic blockade by Western countries, Russia’s economy is booming rapidly on the basis of oil. The latest report of the International Energy Agency (IEA) has created a stir all over the world. According to the report, in the month of March this year, there has been a tremendous jump in Russia’s oil earnings and it has almost doubled to $19 billion (about more than Rs 1.5 lakh crore). This figure is a big blow to those countries which were trying to break the economic back of Russia. How was such a bumper earning despite the sanctions? After the Ukraine war, America and European countries had imposed various restrictions and ‘price caps’ on Russian oil. However, the IEA report suggests that Russia has found a way around these obstacles. Russia has shifted its oil from European countries to Asian markets, especially India and China. Not only did the demand for Russian crude oil increase in the month of March, but the improvement in oil prices in the global market also played a big role in filling Russia’s purse. Asian markets became a ‘lifeline’ for Russia. Asian countries have a major stake in Russia’s huge earnings. According to the report, Russia is now exporting huge amounts of oil to parts of the world where it is getting paid in local currencies or other alternatives instead of dollars. This reduces the impact of dollar-dominated banking sanctions on Russia. In March, Russia’s total oil exports increased to close to its highest level, due to which its revenue recorded an increase of about 20% compared to the previous month. Questions raised on the strategy of western countries. These figures of IEA are raising questions on the strategy of western countries, which claimed that Russia’s income from oil has been limited. It is clear from the report that Russia is not only selling more oil, but it has also managed to sell it at higher prices. Russian grade crude oil ‘Ural’ is now often trading above the price cap of $60, which proves that Russian oil is still dominant in the global market. Global Economy and Future of Crude OilThis increasing income of Russia is also affecting the supply chain of the global market. Market experts believe that Russia’s stable oil supply has helped prevent sudden surges in prices. However, the IEA warned that if geopolitical tensions escalate further, oil prices could become volatile. At present, Russia’s $19 billion profit makes it clear that Russia currently has the upper hand in energy politics.