Part 4/10:
Historically, oil prices surged during the COVID-19 pandemic, with the Brent crude benchmark hovering around $80 per barrel. This period was marked by a strong dollar, which added to the cost of oil imports for countries other than the U.S., benefitting Russia as one of the world’s largest oil exporters. The high prices allowed the Kremlin to fund various initiatives, including its military engagement in Ukraine. Even though sanctions forced Russia to sell its oil at a discount compared to global benchmarks, the substantial global oil prices had still allowed Russia to reap notable profits.