Russia is earning $20 billion per month in oil sales as higher crude prices lift export revenue 50%, says IEA

• Russia's oil export revenue has soared 50% this year, the International Energy Agency said.
• The Kremlin is earning close to $20 billion per month in 2022.

Russian oil export revenue is up 50% since the start of 2022 with the Kremlin generating close to $20 billion per month in sales, according to the International Energy Agency.

Export volume has rebounded to levels seen before Russia invaded Ukraine, which triggered a wave of international sanctions and a spike in crude prices that's helped oil revenue.

In April, Russian oil exports climbed by 620,000 barrels per day from the prior month to 8.1 million, back to their January and February average, the IEA said. Increased demand from India and China offset declines from the US and Europe.

Western sanctions also have yet to fully deter global customers from buying Russian oil. While the European Union has publicly condemned the Kremlin for its war in Ukraine, it has yet to impose an oil embargo and remains Russia's top export market. Still, Russia's oil exports to the EU have fallen by 535,000 bpd this year, IEA said.

The EU is still nearing a full-scale embargo of Russian crude, while major companies like Shell leave the country over its invasion of Ukraine.

But countries like Austria and Hungary cautioned that a full pivot away from Russia's energy hold on Europe is easier said than done, and could perhaps take years.