Russia’s revenues from oil and gas sales in June will grow by almost 50% year-on-year and amount to $9.4 billion, Reuters reports, citing its own calculations. According to the agency’s calculations, the projected volume of Russian oil and gas revenues in June will amount to 814 billion rubles, that is, $9.4 billion, compared with 794 billion rubles in May and 529 billion rubles in June 2023.

As the news agency explains, such an increase is due to a reduction in subsidies for refineries and reflects the ability of the Russian economy to limit the impact of sanctions.

Despite the restrictive measures imposed by the West, Russia managed to redirect oil exports from Europe to India and China, providing much-needed financial flows for its budget. This, in turn, has significantly increased defense and security spending since the start of the Russian special operation in Ukraine in February 2022.

@ino_tv