US Official Admits Russian Energy Sales Outpacing Pre-War Levels

by | Jun 12, 2022

US Official Admits Russian Energy Sales Outpacing Pre-War Levels

by | Jun 12, 2022

article

US energy security envoy Amos Hochstein has acknowledged that Russia might be making more revenue from fossil fuels than before its February invasion of Ukraine. Washington has responded with waves of sanctions aiming to crush the Russian economy. 

Hochstein made the comments during a hearing for the Senate Subcommittee on Europe and Regional Security Cooperation. In response to a question about whether Moscow was making more money now off its fossil fuel sales, Hochstein said, “I can’t deny that.”

In May, the International Energy Agency said that Russia’s oil revenue was up 50% this year. Hochstein said the White House did not anticipate the spike in oil prices, noting that the demand for oil in 2022 is “far greater, stronger than anyone predicted.”

Over the past three months, the US and its Western partners have heavily sanctioned Russian energy imports and attempted to pressure the rest of the world to do the same. Beyond Europe, however, the effort has largely been unsuccessful, as countries like India have boosted Russian oil purchases. 

Hochstein went on to say that the Biden administration believes there will be a “ceiling” on the amount of Russian oil India will import. He did not clarify the White House’s reasoning for that assessment or what the ceiling might be. 

While the United States and its NATO allies claim to be crippling the Russian economy, the sanctions campaign does not appear to be having the intended effect, with the ruble recently becoming the best performing currency against the dollar this year. In the US, price inflation is rampant, with most Americans now paying over $5 per gallon for gas, and some nearly double that.

Kyle Anzalone and Will Porter

Kyle Anzalone is the opinion editor of Antiwar.com and news editor of the Libertarian Institute. He also hosts the Kyle Anzalone Show.

Will Porter is the assistant news editor of the Libertarian Institute and a former staff writer and editor at RT. He edited Scott Horton's 2024 book Provoked: How Washington started the New Cold War with Russia and the Catastrophe in Ukraine.

Kyle and Will host the Conflicts of Interest podcast along with Connor Freeman.

View all posts

Our Books

Shop books published by the Libertarian Institute.

Podcasts

scotthortonshow logosq

coi banner sq2@0.5x

liberty weekly thumbnail

Don't Tread on Anyone Logo

313x0w (1)

313x0w (1)

313x0w (1)

Our Books

Recent Articles

Recent

News Roundup 9/4/2025

News Roundup 9/4/2025

Venezuela Maduro: Venezuela Prepared for Period of Armed Struggle Nap US Conducts ‘Lethal Strike’ Against Vessel Near Venezuela The Institute  Marines Conduct War Games in Puerto Rico as Tensions with Venezuela Escalate The Institute  Pete Hegseth Threatens Maduro The...

read more
News Roundup 9/1/2025

News Roundup 9/1/2025

US News Poll: Majority of Americans Do Not Believe Trump Can End Wars in Ukraine, Gaza The Institute Trump Floats Renaming Department of Defense to Department of War Nap Russia Zelensky Wants $1 Billion Per Month From NATO Countries To Buy US Weapons AWC German Leader...

read more
News Roundup 8/25/2025

News Roundup 8/25/2025

Cartel Wars Military Preparing to Strike Cartels in Mexico as Early as Mid-September Nap Pentagon Prepares Special Ops Forces for Operations Against Cartels The Institute  Ukraine Zelensky Wants Western Security Guarantees Before Meeting With Putin AWC Ukrainian...

read more

Pin It on Pinterest

Share This