Wednesday, 5 October, 2022

Russian energy revenues forecast to soar

Russia expects to receive a boost in revenues from energy exports this month, according to its finance ministry. September is expected to bring an extra $6.67 billion into the state coffers, adding to August’s additional earnings of $1.4 billion.

“Thus, the total amount of funds to be received as additional oil and gas revenues will reach $8.07 billion,” the ministry said in a statement released last week, reports RT.

According to the statement, the finance ministry is not planning to purchase foreign currency or gold with the extra funds received through energy sales.

In August, Western analysts predicted that Russia’s energy export revenues would surge by 38% year-on-year, totaling $337.5 billion in 2022. According to their outlook, energy export earnings will ease to $255.8 billion next year, but will still be higher than the 2021 figure of $244.2 billion.