OREANDA-NEWS Despite the sanctions, Russia's oil revenues exceeded $11 billion in October, which underscores the failure of restrictive measures, Bloomberg writes.

On Wednesday, the agency published an article titled "How Russia Blew an $11 billion Hole in Western oil sanctions." "According to Bloomberg calculations, which are based on data from the Russian Ministry of Finance... Russia's oil revenues of $11.3 billion in October amounted to 31% of the total budget revenues of the country for the month. This is the highest figure since May 2022," the article says. It also notes that the income is now higher than it was before the start of the SVO in Ukraine, and this "highlights the failure" of sanctions.

According to Bloomberg, after the sanctions were imposed, Russian oil exports passed into the hands of "an army of small organizations that are more difficult to track," thanks to which Moscow retains control over exports and prices. Thus, according to the agency's calculations, the average price of a barrel of Russian oil in India, which has become one of the main consumers along with China after the introduction of Western sanctions, is $ 72, which is $ 12 higher than the price ceiling set by the West.