“Russia’s energy export revenue in 2022 is expected to increase by more than a third from 2021 and drive the country’s account-balance surplus to a record high,” reports CNS News. “Sanctions imposed by countries opposing the invasion of Ukraine haven’t dampened the performance of, and outlook, for Russia’s energy export revenue and current-account.”
Similarly, Bloomberg News reports:
“For all the hardships visited on consumers at home and the financial chokehold put on the government from abroad, Bloomberg Economics expects Russia will earn nearly $321 billion from energy exports this year, an increase of more than a third from 2021. It’s also on track for a record current-account surplus that the Institute of International Finance says may reach as high as $240 billion.”
Russian oil sales to India and China have remained strong, and European nations have kept buying natural gas from Russia, according to OilPrice.com:
“Despite the widespread global condemnation of the Russian invasion of Ukraine, Russia continued to sell its oil and gas to its key export markets in the first quarter. Asian buyers China and India continued buying Russian oil at hefty discounts, while Europe continued buying natural gas. Europe also continued buying Russian oil for most of Q1, although many European majors said in early March that they would not trade with spot Russian crude and oil products after the invasion of Ukraine.
“Russia expects to earn additional oil and gas revenues equivalent to $9.6 billion (798.4 billion Russian rubles) this month, its finance ministry said last week.”
“Russia’s current-account surplus more than doubled in the first quarter of 2022, hitting the highest level in decades,” CNS News notes.
“Russia reported the largest current-account surplus since at least 1994, as revenues from oil and gas exports surged and imports plunged after the U.S. and its allies imposed sanctions over President Vladimir Putin’s invasion of Ukraine.
“The current account, the broadest measure of trade in goods and services, reached a surplus of $58.2 billion in the first quarter, more than 2.5 times the $22.5 billion reported a year earlier, the Bank of Russia said Monday.”