Russia’s finance ministry announced the nation will receive another boost in revenues this month from energy exports. The ministry announced that September will see an additional $6.67 billion flow into the state coffers, which will add to August’s supplementary earnings of $1.4 billion.
In the statement, the ministry said, “Thus, the total amount of funds to be received as additional oil and gas revenues will reach $8.07 billion.” The ministry noted it does not plan to purchase any foreign currency or gold with the supplemental earnings from its energy sales.
Western analysts had estimated that Russia’s energy export revenues would rise 38% over the same period one year back, producing a total of $337.5 billion in 2022. They expected energy export earnings to fall to $255.8 billion next year, which would still beat 2021’s earnings of $244.2 billion.
Although the West imposed sanctions on Russia designed to restrict its sale of energy products, in response to its special military operation in Ukraine, the nation was able to find buyers for its oil in Asia and the Middle East by discounting their crude. As the price of oil soared due to the combination of military action and disrupted supplies produced by the sanctions, Russia’s revenues soared.
Growing demand from major economies like China and India boosted Russia’s exports to volumes seen prior to the conflict in Ukraine and Western sanctions, all sold at the sky high prices produced by the Western sanctions.
The Daily Financial Trends
