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News > Russia

Russia: Energy Exports To Increase to 321 Billion Dollars

  • Russian energy exports to record current account surpluses of up to 240 billion dollars. Apr. 4, 2022.

    Russian energy exports to record current account surpluses of up to 240 billion dollars. Apr. 4, 2022. | Photo: Twitter/@web_rant

Published 4 April 2022
Opinion

Despite the several sanctions imposed on Russia, energy imports might increase to 321 Billion Dollars.

According to reports, the Russian economy is potentially to "emerge with a sparkling balance sheet if some of its biggest trade partners don't turn off the tap on its exports of energy," despite the negative effect of the sanctions imposed on Russia since the beginning of the special military operation by Moscow forces in Ukrainian territory.

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The report explained that before the end of the current year, the Kremlin might "earn nearly 321 billion dollars from [its] energy exports," representing a surge of more than a third compared to 2021. Economists from the global trade association, the Institute of International Finance (IIF), consider that Moscow is on track to record current account surpluses of up to 240 billion dollars.

"The single biggest driver of Russia's current account surplus continues to look solid. With current sanctions in place, substantial inflows of hard currency into Russia look set to continue," said the economists. The prediction comes amid the recent fight that the U.S. and some European countries face in light of the current sanctions, which have sharply raised prices in all sectors.

"We did talk about food shortages. And it's going to be real. The price of these [anti-Russian] sanctions is not just imposed upon Russia, it's imposed upon an awful lot of countries, including European countries and our country as well," told U.S.0 President Joe Biden to reporters last week.

As a result of the Russian President's announcement in late March, which stated that Russian gas would be sold in rubles to unfriendly countries, the price of natural gas in Europe exceeded 1 350 dollars per 1 000 cubic meters.

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