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Opinion
Javier Blas

Putin Defies Sanctions With Oil Output Hike

Nine months into the war, and after countless efforts to curb Moscow’s flow of petrodollars, Russia is pumping almost as much as it did before the invasion.

Drilling at an oil field operated by Bashneft in Otrada, Russia.

Drilling at an oil field operated by Bashneft in Otrada, Russia.

Photographer: Bloomberg

Hello and welcome to Elements, our daily energy and commodities newsletter. Today, Bloomberg Opinion’s Javier Blas looks at Russian oil output and argues that the impending sanctions package from the EU and US won’t make the dent they hope for. If you haven’t yet signed up to get Elements directly into your inbox, you can do that here.

Just days before the US and European Union impose fresh sanctions on Russian energy — supposedly the strongest thus far — Moscow has lifted its oil output to the highest level since its invasion of Ukraine. And that tells you all you need to know about the sanctions.