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Public Debt / GDP |  Italy |  1988-2017 |  International Monetary Fund - Is oil, US dependent on Russia?  - Energy & Resources

Public Debt / GDP | Italy | 1988-2017 | International Monetary Fund – Is oil, US dependent on Russia? – Energy & Resources

The U.S. Census Bureau released a report on Friday, July 30, stating that imports of Russian goods into the United States will increase sharply by 2021 to $ 6.7 billion.

The Russian news agency Rbc examined the contents of the document, and from January to May 2021, Washington increased oil imports from Russia by more than three-quarters. The main Russian petroleum product purchased by the United States is hot oil. In particular, over the five-month period, Russian oil exports to the United States increased by 78% from $ 3.8 billion to $ 6.7 billion compared to the first 5 months of 2020.

The Russian field of metals and precious stones has also registered a positive and continuous improvement. According to the report, US imports increased almost 1.5 times from 1.1 to 1.6 billion.

Imports of Russian goods to Russia have been rising in the United States in the wake of the White House’s anti – virus ban imposed on April 15. However, according to analysts, the increase is not a contradiction. “Sanctions are being selected and introduced, and US lawmakers are trying to minimize the damage to their economy,” said Russian analyst Yevgeny Mironov.

According to Katasono, the risky restrictions that will bring the Russian economy to its knees are additional restrictions on public debt and the disconnection of the Swift international tariff system. Nevertheless, experts reiterated that the current measures “will not affect the main channels of bilateral trade”, underscoring the dependence of the United States on Russia in some areas.

It is also important to note the data released by Russia’s Federal Statistics Service, Rosstadt. The company revealed that the United States is the 6th largest trading partner of Russia. In the top five we see: China, Germany, the Netherlands, Belarus and the United Kingdom. Overall, bilateral Russia-US trade in 2020 was $ 23.8 billion. This figure revealed a decrease of 8.9% compared to 2019, in which the indicator was about 26.2 billion.

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Analyzes similar to those revealed by the U.S. Bureau were released on March 25 by the U.S. Energy Information Administration (EIA). The latter released a report stating that by 2020 the volume of U.S. imports from Russia will be 538,000 barrels of crude oil per day. Thus, on an annual basis, goods from Moscow increased by 3.5%, making Russia the second largest oil exporter to the United States instead of Saudi Arabia. U.S. analysts say no such figures have been recorded since 2011.

According to Dmitry Marinchenko, director of the Fitch Resources and Raw Materials Group, despite the achievement indicators, Russia cannot be said to be in a “critical dependence” position on Russian goods. The expert explained that the White House, if necessary, could replace Russian oil with Middle Eastern countries, even though the characteristics of each type of oil are not always completely replaceable for crude oil.

Such a comparison is possible between Russian and Venezuelan black gold, both ‘heavy’. Here we are at the point. Among the main reasons that led the United States to increase imports from Russia were tough US sanctions against Venezuela, the historic supplier of the world’s first economy.