Russia expects energy export revenue to rise to $337.5 billion this year

A document from the Russian Economy Ministry, seen by Reuters, showed that rising oil export volumes, accompanied by rising gas prices, will boost Russia’s revenue from energy exports to $337.5 billion this year, an increase of 38% from 2021.

This jump in revenue, if realized, would help bolster Russia’s economy in the face of waves of Western sanctions.

The document predicts that revenue from energy exports will decline to $255.8 billion next year, but it will still be higher than the $244.2 billion recorded in 2021.

According to the document, the average gas export price is expected to more than double this year to $730 per thousand cubic meters, before declining gradually until the end of 2025.