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News > Russia

Russia Confirms an Increase in Fossil Fuel Revenues

  • Russian President Vladimir Putin

    Russian President Vladimir Putin | Photo: @renemassmedia2

Published 26 August 2022

Russia's president commented on his satisfaction with the increase in his country's revenues from the sale of gas and oil, despite being under Western sanctions.

Vladimir Putin, during a meeting with the head of the Federal Fiscal Service, Daniil Yegorov, indicated on Thursday that "despite the problems that our detractors and envious people try to create for us, even so, the increase in the budget is progressing at an adequate pace, oil and gas revenues are growing."

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The Russian president emphasized, "the most pleasant thing is that non-oil and gas revenues are also growing lately, as far as I know, by 24 percent." Putin believes that these data confirm the stabilization of Russia's economic indicators. However, he acknowledged that there are risks that have not disappeared in the medium term.

On the other hand, Daniil Yegorov revealed that Russia's consolidated budget grew by 32 percent in the first half of 2022, adding that revenues from the sale of gas and oil and high hydrocarbon prices contributed to the growth of Russia's financial resources.

This news comes to light while the U.S., the European Union (EU), and other Western states and organizations have imposed several packages of sanctions against Russian gas and oil in response to Moscow's military operation in Ukraine to demilitarize and denazify the Slavic country.

On August 21, the Russian president said that the West would be the party most harmed by the anti-Russian sanctions, given that the globalized economy in which the world is developing prevents the exclusion of a specific country or market from the productive sphere.
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