The United States and its allies are leaning heavily on
economic sanctions to punish Russia for its invasion of Ukraine.
But a key element in that strategy, restrictions on Russian oil
exports, mostly appears to be causing pain for ordinary people in
other countries. European nations, in particular, are causing
considerable damage to their own economies without reducing
Russia’s oil revenue.
Nations seeking to help Ukraine have focused on reducing
Russia’s energy exports instead of reducing Russia’s earnings
from energy exports. Russia is exporting less oil but, in a
perverse twist, it is earning more money. The sanctions have
raised prices, more than offsetting the decline in exports. In May
2022, Russia earned 883 million euros per day from oil exports,
up from 633 million euros per day in May 2021.
New sanctions that the European Union and Britain have
agreed to impose on Russia by year’s end are likely to drive oil
prices even higher. Some analysts warn that the price for a barrel
of oil could exceed $ 200, well above the spike in the early weeks
of the war, when oil prices topped out around $ 124.
Internet: <www.nytimes.com> (adapted).
Based on the text above, judge the following items.
At the beginning of the war between Russia and Ukraine,
there was a decrease in oil prices, which went from $ 200 a
barrel to approximately $ 124 a barrel.
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