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Wednesday, February 8, 2023

Energy: Moscow: Gas and oil revenues up 28 percent in 2022

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The Western sanctions were actually intended to hit Russia’s economy hard after the war of aggression against Ukraine began. But at least when it comes to the sale of oil and gas, Moscow is reporting excellent deals.

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According to Moscow government figures, Russia’s income from the sale of gas and oil rose by almost a third last year despite Western sanctions. According to the Interfax agency, Russian Deputy Prime Minister Alexander Novak said the corresponding budget revenue in 2022 would have grown by 28 percent or 2.5 trillion rubles (around 31.6 billion euros at the end of 2022) compared to the previous year.

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In the course of the Russian war of aggression against Ukraine, gas has not been pumped to Europe through the Baltic Sea pipeline Nord Stream 1 for months, and the Nord Stream 2 pipeline has never been put into operation. Against this background, the export of conventional natural gas has fallen, said Nowak. But the export of liquefied natural gas increased by eight percent to 46 billion cubic meters. Oil exports increased by 7 percent.

Prohibited by decree the sale of oil to certain countries

A key tool – the oil price cap introduced by the EU in early December – is unlikely to really show its effects until this year. The regulation is intended to force Russia to sell oil to buyers in other countries for a maximum of $60 per barrel (159 liters).

The Russian Ministry of Finance announced last week that it was already expecting lost oil and gas revenues of 54.5 billion rubles (around 737 million euros) in January. Kremlin chief Vladimir Putin has in turn banned the sale of oil to countries that have decided on a price cap for the raw material. The ban comes into effect on February 1.

Notification of the Russian Ministry of Finance from 11.1.

Source: Stern

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