Russian energy revenues forecast to soar
Russia expects to receive a boost in revenues from energy exports this month, according to its finance ministry. September is expected to bring an extra $6.67 billion into the state coffers, adding to August’s additional earnings of $1.4 billion.
“Thus, the total amount of funds to be received as additional oil and gas revenues will reach $8.07 billion,” the ministry said in a statement released last week.
According to the statement, the finance ministry is not planning to purchase foreign currency or gold with the extra funds received through energy sales.
In August, Western analysts predicted that Russia’s energy export revenues would surge by 38% year-on-year, totaling $337.5 billion in 2022. According to their outlook, energy export earnings will ease to $255.8 billion next year, but will still be higher than the 2021 figure of $244.2 billion.
Growing demand from some of the world’s major economies, including India and China, boosted Russia’s energy exports to the volumes seen prior to the conflict in Ukraine and subsequent Western sanctions. Moscow was forced to redirect supply to Asia and the Middle East, where countries refused to take sides in the conflict between Russia and the West.
Global energy prices have soared due to the sanctions war between Russia and Western nations, further boosting Moscow’s revenues.
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