Russia: record hydrocarbon revenues partly finance the war in Ukraine

This year, hydrocarbon exports should bring in some 1000 billion rubles to Russia, or 13 billion 700 million euros, part of this money will allow Moscow to continue its offensive in Ukraine.

© REUTERS/Sergei Karpukhin

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While the Twenty-Seven are still unable to find a consensus on the joint embargo project on Russian oil - because of its blocking by Hungary - Russia is still drawing record revenues from its sales of hydrocarbons largely free from the sanctions imposed after its invasion of Ukraine.

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This year, hydrocarbon exports should bring in some 1,000 billion rubles to

, or 13.7 billion euros.

Part of this money will allow Moscow to continue its offensive in Ukraine.

The announcement comes from Russian Finance Minister Anton Silouanov.

Reserves are falling

Before the war, sales of oil and gas helped to replenish the foreign currency reserves of the Russian Central Bank.

These reserves, a pillar of the Russian economy, then peaked at more than 643 billion dollars.

But since then, part of these reserves had been frozen abroad, and what remains continues to decline.

However, Moscow needs these resources to support its national currency, the ruble, but also to pay its expenses.

This year, the money from hydrocarbon exports should be completely spent, the minister said.

A considerable windfall

Revenues from oil, refined products and gas bring considerable windfall to Russia: they accounted for more than a third of its budget in 2021.

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