Russian gas revenues set to hit new highs

The country expects $100 billion in exports to Europe this year

Russia could earn a record $100 billion from gas sales to European countries in 2022 due to soaring energy prices, French newspaper Les Echos reported this week, citing Citibank analysts.

According to the document, projected revenues from gas sales will be almost twice as high as last year. The analysis does not take into account profits from the sale of other Russian commodities, such as oil, coal and other minerals.

Les Echos reports that, despite sanctions and warnings of a sweeping embargo on Russian energy, the 27 EU countries continue to send around $200 million a day to Gazprom.

The future of Russia’s energy exports could be jeopardized by the sanctions — those already in place as well as potential new restrictions — that the United States and its allies have imposed on Moscow after it launched its military operation in Ukraine.

Russia has introduced countermeasures, including a new ruble-based gas payment system, which has split countries that have imposed sanctions on Moscow into two groups – those accepting the new terms and those not accepting them. not. Russia has already halted gas exports to Poland, Bulgaria and Finland due to their refusal to comply with new payment terms. About half of Russia’s 54 gas buyers have already complied with the ruble payment mechanism, Deputy Prime Minister Alexander Novak said on Thursday.

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