Russia rakes in nearly $20bn from oil exports in May

Rise in revenues is setback for west’s efforts to hit Russian economy in wake of Ukraine invasion

Russia raked in around $20bn (£16.6bn) from oil exports in May, as revenues bounced back to prewar levels in a setback to western efforts to choke off its economy following its invasion of Ukraine.

Yields from shipping crude and oil products rose 11% from a month earlier despite a 3% fall in exports, according to the International Energy Agency’s monthly report.

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