11:27 - 21.02.2023

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February 21, Fineko/abc.az. Despite Western sanctions, Russia earns billions of dollars from fuel sales. The withdrawal of the British energy giants Shell and BP from the market did not become an obstacle either.

ABC.AZ reports that Express newspaper writes about it.

"It seems that the Russian oil industry is resisting the pressure of Western sanctions, as production in the country is recovering," Express says.

The newspaper says that such a recovery may be partly linked with the fact that such local companies as Rosneft, Surgutneftegaz and Gazprom made up the main part of the market in 2021, while foreign producers made up only 15% of the entire oilfield services sector in Russia.

The article says that the oil industry in Russia is flourishing even after the departure of US and European companies.

 “Fuel production volumes have returned to normal levels, and the number of wells has increased by 7% over the year. The sanctions did not prevent Russia from retaining most of the competencies, assets and technologies in the field of oilfield services,” the article says.