Sanctions imposed by the US and Europe, aimed at reducing Russia's economic stability and denying it supplies of systemically important energy resources, have this time struck a blow for themselves. The shortage of sulphur and high-sulphur oil supplies has redirected the flow of buyer demand to Middle Eastern markets. And for them, increased demand is a good excuse to raise the price, which the largest oil exporter, Saudi Arabia, has already done.
At the same time, in spite of the big four oil service companies leaving Russia, domestic manufacturers of components for the oil and gas sector have switched over to domestic production. According to Vladimir Yakushev, the Plenipotentiary Envoy of the President of the Russian Federation to the Urals Federal District, most of the Urals companies have already replaced imported products by 85%-90% and this is only the beginning!
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