IEA recognizes sanctions against Russian oil as effective

The International Energy Agency (IEA) said that sanctions against the Russian oil industry are working effectively, sustainable production and exports may be surprising, but the main goal of the European embargo and price ceiling is being met. Toril Bosoni, head of the International Energy Agency's (IEA) Oil Industry and Markets Department, said: "Russian oil production and exports have been much better than expected in recent months because Moscow has been able to export a large amount of its crude oil, which was previously supplied Europe to new markets in Asia, but this does not mean that European sanctions against Russia have failed and are ineffective."

She also noted: "The main purpose of imposing a price ceiling on the export of Russian crude oil was to reduce Russia's oil revenues, while Russian crude oil is still entering world markets." Bosoni argued: "Russia's oil revenues in January of this year amounted to about $13 billion, down 36% from the same period last year." Recall that with the outbreak of the war in Ukraine, Western countries, including the EU countries, imposed sanctions against Russia, including in the energy sector, which in many cases backfired and put their people in a difficult situation. New EU sanctions against Russia under the pretext of a war in Ukraine came into effect on February 5, according to which the import and export of processed petroleum products, such as gasoline and diesel fuel, of Russian origin is prohibited.