Russia expects to receive revenues from oil and gas sales this year that are around 100 billion kroner higher than previously expected. This was stated by Russian Finance Minister Anton Siluanov to a state television station on Friday, according to the AFP news agency.
- We expect to receive up to one trillion rubles (99.8 billion kroner, ed.) more in oil and gas revenues according to the forecast that we have made with the Ministry of Economic Development, says Anton Siluanov.
According to the Finance Minister, the government in Moscow plans to use the money this year rather than put it aside. The money will, among other things, go to pensioners, families with children and to finance the "special operation" in Ukraine, which Russia describes as the war in the neighboring country.
Western countries have imposed a number of sanctions against Russia as punishment for the country's military attack on Ukraine. But the sanctions have not yet significantly affected Russian oil and gas supplies.
Russian President Vladimir Putin recently mocked the sanctions, saying that Europe's "chaotic actions" have led to an increase in Russia's oil and gas revenues.
Oil boycott may be on the way
The United States banned imports of oil and liquefied natural gas (LNG) from Russia in March - just weeks after the Russian invasion of Ukraine. The EU has talked about a similar punitive action, but so far it has remained a matter of talk.
A stop to Russian energy would have greater economic consequences for Europe than the United States, because only seven percent of American oil imports come from Russia, while for Europe it is about 25 percent.
A proposal from the EU to phase out imports of crude oil from Russia over the course of six months has not yet been approved by the member states.
Germany has put plans to open the Nord Stream 2 gas pipeline from Russia on hold, while the UK has announced that it will phase out imports of Russian oil by the end of 2022. This is reported by the BBC.
Russia has responded by, among other things, prohibiting foreign investors who hold billions of dollars worth of Russian stocks and bonds from selling their securities.
Ritzau
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