Russian Foreign Minister Sergey Lavrov said they expect “significant profit” from oil and gas exports this year due to rising prices.
Speaking to Bosnian Serb Television, according to the Reuters agency, Lavrov said, “We have not experienced any loss in our budget due to the new prices created as a result of the policies of the West. On the contrary, we expect a significant increase in the profit we derive from the exports of our energy resources this year.”
In the interview, Lavrov said, “Oil in general has nothing to do with politics. There is a demand for oil. We have alternative markets and our sales to these areas have increased.”
The price of crude oil, which has increased by about 50 percent this year, has risen to $ 120 per barrel and is at its highest level in the last 13 years.
Russia began the invasion of Ukraine on February 24, on the grounds of “de-Nazis”. After the occupation by Western countries, heavy economic sanctions began to be applied to Russia.
RUSSIA SELS 800 MILLION DOLLARS A DAY OF OIL AND GAS
According to Bloomberg, Russia exports $800 million worth of gas and oil a day. According to Bloomberg’s estimation, Moscow will generate $285 billion in revenue from energy exports.
This means that Russia, which exports gas and oil worth $235.6 billion in 2021, will increase its revenues by 20 percent.
On May 30, the European Union (EU) decided to reduce oil exports from Russia by 90 percent.
However, some union countries, including Germany, Europe’s largest economy, are dependent on Russian gas.
The EU meets about 25 percent of its oil needs and about 40 percent of its gas needs from Russia.
Countries like China and India also buy discounted oil from Russia. This weakens the effect of international embargoes.