RUSSIA: Due to high oil prices, Russia expects to receive 798.4 billion roubles ($9.6 billion) in more money from energy sales in April, according to the Russian finance ministry, as Moscow requires cash to meet its obligations while its reserves are depleted.
Following the invasion of Ukraine in February, when tough sanctions were imposed on Russia, effectively cutting it off from the global financial system, western nations are debating how to replace Moscow’s oil and gas imports.
Despite being unable to access almost half of its $640 billion in gold and foreign exchange reserves, Russia pledged billions in new social payments and corporate support while also in need of funds to cover its domestic and international debts.
Following sanctions, some of Russia’s barrels have been delayed or refused by western purchasers. Russia is Europe’s top gas supplier and the world’s second-largest oil exporter after Saudi Arabia.
Due to lower-than-expected gas sales, the ministry said on Tuesday that it collected 302 billion roubles in revenue from energy sales in March, compared to its initial target.
In March, increasing energy prices necessitated an increase in budget income of 790 billion roubles, according to the initial plan.
According to the reports, Russia exported 15.3 billion cubic metres of gas to countries outside the former Soviet Union in March, up from 11.8 billion cubic metres in February. The finance ministry did not disclose its gas export forecast for March.
Russia began demanding that end payments for its gas carried through pipelines to Europe be made in roubles on April 1st, a change that a handful of customers refused to accept.
The US prohibited the Russian government from paying holders of its sovereign debt more than $600 million from reserves held by US banks on Monday, stating that the country “must choose between draining remaining valued dollar reserves or new revenue coming in, or default.”
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