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Russia Did Most Oil Drilling in Decade Even as Sanctions Hit

  • EU says Russia has been forced into cutting crude production
  • Data show oil industry has proved resilient to sanctions
Russian companies did the most drilling at their oil fields in more than a decade last year.

Russian companies did the most drilling at their oil fields in more than a decade last year.

Source: Bloomberg

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Bloomberg News
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When Russia announced last week that it would cut oil production by half a million barrels a day in retaliation against Western sanctions, there was skepticism about whether it was really doing so by choice. 

Russia is entangled in a tightening web of economic restrictions, from prohibitions on exports of technology to the country to a recent European Union ban on most imports of its oil. As far as the West is concerned, Moscow is buckling under the weight of sanctions.