Despite sanctions, Russia’s oil and gas revenues allegedly grew in 2022

Russia’s oil and gas revenues allegedly increased last year, despite the sanctions placed on Moscow.

According to reports in the Russian media, the country’s oil and gas revenues grew in 2022, despite the sanctions placed on Moscow. That is what was allegedly stated in a report from Russian Deputy Prime Minister Alexander Novak to Prime Minister Mikhail Mishustin.

“Budget revenues from the oil and gas industry grew last year by 28 per cent, or by 2.5 trillion rubles”, Novak wrote to Mishustin. Oil exports, he said, increased by 7 per cent, while the overall production increased by 2 per cent or 10 million tons, as reported by gazeta.ru.

Novak also reported that the export of liquefied natural gas (LNG) in 2022 increased by 8 per cent, to 46 billion cubic meters per year. At the same time, exports through pipelines decreased by 30 per cent due to sanctions restrictions and sabotage on the Nord Stream 1 and Nord Stream 2 gas pipelines.

The Deputy Prime Minister noted that these indicators were achieved despite the sanctions pressure from countries unfriendly to the Russian Federation.

Based on data from the Kpler analytical system, the Kommersant news outlet previously found out that LNG exports to European countries were growing throughout 2022.

Analysts estimated that LNG accounted for about 25 per cent of the total level of gas supplies. For example, NOVATEK’s Yamal LNG plant increased supplies to the European Union by about 13.5 per cent, to 14.65 million tons.