Russia says it’s going to make ‘significantly’ more profits from energy exports this year as prices have jumped on policies from the West
- Date: 06-Jun-2022
- Source: Business Insider
- Sector:Financial Markets
- Country:Gulf
Russia says it’s going to make ‘significantly’ more profits from energy exports this year as prices have jumped on policies from the West
Russia said it is expecting a jump in profits from energy exports this year amid a surge in prices. "Considering the price level that has been established as a result of the West's policies, we have suffered no budgetary losses," Russian Foreign Minister Sergei Lavrov told a Bosnian Serb TV station on Saturday, according to an "On the contrary, this year we will significantly increase the profits from the export of our energy resources," Lavrov continued, per a Russia has been hit with intensifying sanctions ever since it invaded Ukraine — but Moscow could still rake in $800 million a day from oil and gas revenues this year amid soaring energy prices, according to a report last week. The gains in energy prices could bring Russia's oil and gas sales to total $285 billion this year, Bloomberg forecasts. That's 20% higher than the country's $235.6 billion takings from oil and gas in 2021. President Vladimir Putin's regime has been holding up so far as oil prices have risen about 50% this year and are trading at 13-year highs due to tight supplies that predated the war, and a strong recovery in demand as the pandemic eases. The war in Ukraine