Originally Posted by Mel Maki
These high prices are giving Putin billions of extra dollars. He says thank you very much. It is putting him in a stronger position.
"It remains to be seen whether Russia is actually reaping the full benefit of rising prices. Neil Shearing, group chief economist at Capital Economics, says sanctions are already having a marked impact on cross-border transactions, including as yet untouched oil and gas exports."
"Evidence for that, Shearing says, comes from the price differential between Brent crude – one of the global benchmarks – and Urals crude, the main Russian export blend. Before the invasion, Urals crude traded at an average discount of $2-$3 a barrel, but that has subsequently widened to almost $25 a barrel."
"With the rouble hitting fresh lows against the US dollar, Russia is already feeling the impact of sanctions."
https://www.theguardian.com/business/2022/mar/07/west-impact-russia-sanctions-oil-gas