Despite Sanctions, Russia Set To Earn $321 Billion From Energy Exports This Year

Russia is slated to earn close to $321 billion from energy exports this year regardless of the sanctions imposed on it, Bloomberg reports.

Moscow’s current account surplus might also reach a record figure of $240 billion. Economists of the International Institute of Finance (IIF) explained that there would be substantial inflows of hard currency into Russia despite of the sanctions in place.

However, an embargo of energy sales driven by Russia’s traditional customers exploring other alternatives could hamper these calculations completely.

Oil and gas make up for around half of Moscow’s overall exports and also contributed close to 40 per cent to its budget revenue last year.

Russia’s war with Ukraine has disturbed the energy shipments to an extent. However, the severe shock to imports and domestic demand are likely to come together to take the current account to historical highs.

In fact, the aforementioned report claims that Moscow’s sales of oil and gas abroad is the only factor preventing the country from nose-diving into a worse financial meltdown.

So far, only limited nations like the United States of America (USA) and the United Kingdom (UK) have explicitly banned imports from Russia.