With the rise in oil exports and fuel prices, Russia’s earnings increased to $337.5bn this year, a 38% increase from 2021, according to an economy ministry document seen by Reuters.
If the revenue materialises, it will help Russia’s economy despite the sanctions imposed by the West in the wake of Russia’s invasion of Ukraine.
According to Reuters, the ministry document predicts that energy export earnings will fall to $255.8bn next year but remain higher than the $244.2 bn forecast for 2021.
According to the forecast, the average petrol export value will double this year to $730 per 1,000 cubic metres before gradually declining until the end of 2025.
Russia is Europe’s largest petrol supplier. In February, supply fell as one of the supply routes was closed due to Moscow sending armed forces into Ukraine.
Russia cut off supplies to some European countries as they refused to pay in roubles. Nord Stream 1 pipeline flows from Russia to Germany were also halted, citing maintenance work.