Russia’s ability to sell oil and gas abroad may be the only thing keeping the economy from an even worse financial collapse.
Buyers are looking for alternatives to Russian energy resources / photo ua.
Russia will earn nearly $321 billion in energy exports this year , more than a third more than in 2021.
Bloomberg writes about this , citing data from the Institute for International Finance (IIF). According to the IIF, Russia is also on track for a record balance of payments surplus that could reach $240 billion.
“The single biggest factor in Russia’s current account surplus continues to look solid. With sanctions in place, significant hard currency inflows into Russia look set to continue,” said IIF economists led by Robin Brooks.
However, the calculations could completely change in the event of an embargo on the sale of energy resources. But even without that, Russian exports and oil production are already falling, with the International Energy Agency forecasting that it could lose nearly a quarter of its oil production this month.
Many buyers who previously bought energy resources from Russia are already looking for alternatives and prefer not to sign new supply contracts with the aggressor country. Meanwhile, Russia is ready to give India big discounts on its oil . In particular, Russian Federation offers Urals oil at a discount of up to $35 per barrel.
(C)UNIAN 2022
Gazprom bank has still not been taken out of SWIFT.
The scuzzy Indians need to be bribed or blackmailed into dropping putinazi energy.
If we could get our oil and gas industry up to pre-Biden levels, energy prices would fall like a meteor … and so would mafia land’s income.