Hundreds of billions Know what Russia earns from oil and gas revenues

On Thursday, the European Bank for Reconstruction and Development expected the Russian economy to shrink by 10% this year, while Bloomberg Agency expected Russia to earn nearly $321 billion from energy exports only this year, an increase of more than a third over 2021.

The US agency Bloomberg Economics , quoting the Institute of International Finance (IIF), said that Russia is on its way to achieving profits that could reach $240 billion.

According to the report, the Russian economy stumbled during the first month of the war on Ukraine, but it could regain its strength, if some trading companies do not stop its exports of Russian energy.

For its part, the European Bank for Reconstruction and Development expected that the sanctions imposed on Russia would lead to a recession in the Russian economy in 2023, "with negative repercussions for a number of neighboring countries in Eastern Europe, the Caucasus and Central Asia."

"The major driving force for Russia's recent account surplus is still there," said economists at the Institute of International Finance.

Describing the Russian economic situation, Robin Brooks, director of the institute, said: "Despite the recent sanctions, massive inflows of foreign currency into Russia are moving forward."

The global energy company expects Russia to lose about a quarter of its crude production this month.

Although Russia's traditional dealers have chosen not to seek new contracts with Moscow amid widespread international condemnation of the military attack on Ukraine, others such as India have taken discounts from Moscow to encourage it to continue doing business with it.

Russian Foreign Minister Sergei Lavrov visited India on Friday to mobilize support.

India and China are the only two countries that have not condemned what Russia calls its "special military operation".

After Lavrov visited China this week, Beijing said it was "more determined" to develop ties with Russia.

"We are friends," Lavrov said at a press conference after meeting his Indian counterpart Subrahmanyam Jaishankar, noting that India saw the Ukraine crisis "with all the facts, not just from one side."

Oil represents a large part of Russia's exports, and contributes 40% to financial profits during the year.

Bloomberg says that oil and gas revenues are the lifeblood of the Russian economic system, as they mitigate the impact of sanctions and avoid a balance of payments disaster.

Even without a ban on Russian energy exports, the agency says, inflation is hovering and a deep recession looms.