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Russia Raking In Money From Oil Exports

Russia is still getting plenty of cash from oil, even as its exports are showing signs of ebbing. Crude shipments in July will earn the Kremlin about $7.53 a barrel, up from $6.11 a barrel in June.

Russian oil workers in Yakutia
Russian oil workers in Yakutia, Photo by Chursaev13
How much money is Russia still making from Oil Exports

The rate of export duty charged on crude increased by 23% between June and July, delivering an additional $1.42 a barrel to the Kremlin on every cargo shipped out of the country. That boost helped Russia shrug off a 15% drop in crude shipments in the week to July 8, with revenues edging down by just $3 million, or 2%, according to Bloomberg News.

The Group of Seven industrialized countries are under pressure to find a way to hurt Russia without spiking oil prices. In an attempt to do that, U.S. Treasury Secretary Janet Yellen is pushing a plan to cap Russian oil prices in order to preserve export volumes while hitting the government’s revenues, Bloomberg said.