MOSCOW, 02 May 2022, (TON): Russia’s budget revenues from the sale of oil and gas will reach $260 billion this year, significantly exceeding the results of the previous two years due to a sharp increase in energy prices, Rystad Energy analysts say.

The company said in a statement “despite the expected serious reduction in oil production in Russia this year, tax revenues due to a sharp increase in oil prices will increase significantly to more than $ 180 billion.

Extremely high gas prices in Europe, as well as liquefied natural gas in Asia will generate approximately $80 billion in tax revenue for Russia in 2022.”

Thus, it is noted that the expected income from Russia’s oil exports this year will be 45% and 181% higher than in 2021 and 2020, respectively.

As for gas, analysts believe that the shutdown of supplies to Poland and Bulgaria will not have a significant impact on revenues.

Such results will be driven by price dynamics. In addition, after the start of the military operation in Ukraine on February 24, European buyers really began to avoid Russian oil due to sanctions fears.