Record earnings from exports: Russia wants to spend oil and gas billions on war

The West wants to use sanctions to damage Russia financially, also to make it more difficult to conduct the war in Ukraine.

Record earnings from exports: Russia wants to spend oil and gas billions on war

The West wants to use sanctions to damage Russia financially, also to make it more difficult to conduct the war in Ukraine. Because of the high energy prices, however, more money than ever is flowing into the Kremlin's coffers. The billions should also be spent on the military.

Russia is expecting additional income of the equivalent of 13.7 billion euros this year from the export of fossil fuels. "We expect up to a trillion rubles more in oil and gas revenues," Finance Minister Anton Siluanov said on state television, referring to the latest forecast by the Ministry of Economic Development. Part of the additional income could be used to continue the Russian offensive in Ukraine.

The government wants to spend the extra revenue this year rather than set it aside, he said. The money should be spent on "additional payments" for pensioners and families with children and for the "special operation" in Ukraine, the finance minister said, citing Russia's offensive in pro-western Ukraine.

The West has imposed a series of sanctions on Moscow to punish the Kremlin for sending troops to Ukraine. But Russia's oil and gas supplies have so far been largely exempt from the sanctions. Due to the very high gas price, Russia is currently raking in record earnings from exports.

The EU member states want to become less dependent on fossil fuels from Russia, but they have not yet been able to agree on a planned oil embargo because of a blockade by Hungary. Russian President Vladimir Putin recently made fun of the sanctions and declared that the European countries would only harm themselves with their "chaotic actions".

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