Russia’s average daily income from gas and oil exports may reach about $800 million by the end of the year, Report informs referring to Bloomberg calculations.
In early March, as the US and its allies unleashed a wave of sanctions on Russia, President Joe Biden stood in the White House and said they wanted to deal a “powerful blow to Putin’s war machine.”
But as the war in Ukraine approaches its 100th day, that machine is still very much operational. Russia is being propelled by a flood of cash that could average $800 million a day this year - and that's just what the commodity superpower is raking in from oil and gas.
Even with some countries halting or phasing out energy purchases, Russia's oil-and-gas revenue will be about $285 billion this year, according to estimates from Bloomberg Economics based on Economy Ministry projections. That would exceed the 2021 figure by more than one-fifth. Throw in other commodities, and it more than makes up for the $300 billion in foreign reserves frozen as part of the sanctions.
Russia is far from unscathed by the sanctions, which have made it a pariah across the developed world. Corporate giants have fled, many walking away from billions of dollars of assets, and the economy is heading for a deep recession. But Putin can ignore this damage for now, because his coffers are overflowing with the revenue from commodities, which have become more lucrative than ever thanks to the surge in global prices driven in part by the war in Ukraine, according to Bloomberg.