Daily Express calculated the earnings of the Russian Federation on oil under sanctions

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Russia has earned billions of dollars from oil despite European Union (EU) anti-Russian sanctions. This was reported by the British edition Daily Express.

The Russian oil industry appears to be resisting the pressure of Western sanctions as the country’s production recovers.

According to the publication, the number of new drilling wells increased by 7%. According to experts interviewed by the newspaper, Russia was able to retain most of the competencies, assets and technologies in the field of oilfield services.

It is also noted that the decision of Russian President Vladimir Putin, who signed a decree on replacing the operator of the Sakhalin-2 project Sakhalin Energy with a new Russian legal entity, as well as transferring the company’s property to state ownership, was a “click on the nose” for fuel producers from unfriendly countries.

On February 17, Putin signed a decree authorizing Gazprom Neft’s subsidiary GPN-Middle East Projects to acquire a 50% stake in Khanty-Mansiysk Oil and Gas Union CJSC and 50% of Salym Petroleum Development, which are owned by Shell. The document states that these transactions will not require obtaining other documents, permits and consents. The decision was made in accordance with the decree of the Russian President on special measures in the financial and fuel and energy sphere in connection with the actions of unfriendly countries and international organizations.

At the end of December, Putin signed a decree that lifted the temporary restriction on the sale of Shell’s stake in the Sakhalin-2 project. Thus, Putin canceled the previously established requirement, according to which the share of the Anglo-Dutch energy company Shell had to be assessed and sold within four months from the date of its decision to refuse to acquire a stake in the new operator of the project, LLC Sakhalin Energy.

On February 28, 2022, the Royal Dutch Shell concern announced its intention to stop participating in joint projects with Gazprom, in particular in Sakhalin-2.

Foreign companies began to suspend their activities in the Russian Federation or leave the Russian market and joint projects with Russia against the backdrop of the geopolitical situation and anti-Russian sanctions imposed.

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