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FX.co ★ US fails to limit Russia's revenues from oil and gas

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Forex Humor:::2024-03-05T12:37:44

US fails to limit Russia's revenues from oil and gas

Many analysts agree that the US government's efforts to curb Russia's income have not achieved their intended results. Hossein Askari, a former member of the Executive Board of the International Monetary Fund (IMF) and special adviser to the Minister of Finance of Saudi Arabia, points out that Washington's strategies to affect Moscow's revenues from energy exports have failed. According to Askari, Russia has managed to dodge the sanctions imposed by Western nations. As a result, the US administration's efforts have proven futile, largely because of Russia's alliances with countries willing to defy secondary Western sanctions. These countries include India and China, both in desperate need of oil and gas. In such a scenario, many nations are inclined to continue buying Russian energy, provided that prices remain favorable and there is no imminent threat of sanctions from the US and its allies. In addition, Minister of Finance of the Russian Federation Anton Siluanov has pointed to a resurgence in the Russian economy despite the tightening of sanctions. He stressed that while the West continued to impose sanctions, Russia continued to carve its way.

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