Despite massive sanctions from the West, Russia is making more money from its oil and gas trade. Russia is expected to make more than $320 billion from energy sales in 2022, up more than a third from 2021. Sales have been bolstered by new demand from India, lasting trade with China, and soaring prices. The US, UK, and European Union all slapped Russia’s energy sector with historic sanctions in hopes of curbing the country’s invasion of Ukraine.
Despite those moves, Russia is selling more oil and gas today than it did before the war began.
A big problem, however, is the effect of the Biden administration’s and the EU’s sanctions on Russian exports of grain and fertilizer to developing countries in Africa. Severe food shortages are predicted because of them. —Eds