00:01Revenues from Russian oil and gas, which have sustained the Kremlin's finances throughout its war on Ukraine, have dwindled to lows not seen in years.
00:10The drop in income is the result of punitive measures introduced by U.S. President Donald Trump, who imposed tariffs on countries who purchase Russian energy, like India.
00:21Also playing a role is the European Union's own tightening crackdown on sanction-dodging tankers carrying Russian oil and gas, known as the Shadow Fleet.
00:30The decrease in revenue is pushing President Vladimir Putin to raise taxes and borrow from Russian banks to keep state finances on an even keel, for now.
00:39In January, Moscow's energy revenues fell to 4.3 billion euros, an almost 33% decrease from the 6.4 billion recorded in December, and a staggering 65% decrease from January 2025's 12.2 billion.
00:57Washington's pressure made a serious dent in the Kremlin's finances, as sanctions imposed on Russia's two largest oil companies carried serious consequences for potential buyers.
01:07The White House said it would remove anyone buying Russian energy from its banking system, a serious concern for any multinational enterprise.
01:17Additionally, the EU's banning of fuel made from Russian crude meant that Moscow's export could no longer be refined elsewhere to make gasoline or diesel.
01:26Brussels is now proposing further sanctions, as the European Commission, at Finland and Sweden's suggestion, is exploring a full ban on shipping services for Russian energy.
01:37Commission President Ursula von der Leyen says hitting Russia's finances is the only way to get them to negotiate and enter their war with genuine intent.
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