Mar. 24 at 6:35 PM
Russia invasion of Ukraine: Day 1120
Russia is benefiting both from the higher oil prices & from the US sanctions waiver
Chinese refiners have significantly ramped up their reliance on Russia crude to offset a massive shortfall in Middle Eastern supplies - set to hit record high in March
CERA: Russia's avg crude oil export earnings during the first 2-weeks of the Iran war were worth an est'd
$230M/day — +26% more than Feb's daily avg, before the conflict
Kremlin spokesman: "We're talking about additional revenue for our oil companies, which sell oil & petroleum products and are guided by the current price environment,"
Russia shipped 3.6Mbpd of crude in the 4-weeks to March 22, helping boost inflows to the Kremlin’s war chest to the highest in 4-years
Russia spends roughly 1/3rd of its budget on the military — which doesn't include the hidden spending like sign-up fees for recruitment funded by regional budgets
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