Russia is on track to make $321 billion from energy exports in 2022 if trading partners keep buying itsoil and gas, according to a Bloomberg analysis Friday.- An energy embargo by the EU, the UK, and the US could cost Russia as much as $300 billion in export receipts.
Russia looks on course to bring in more than $300 billion in energy revenue in 2022 if its major trading partners keep buying its oil and gas, according to a Bloomberg analysis published Friday.
An estimated $321 billion in energy exports would be an increase of more than a third from 2021 as Russia deals with economic pressure in the form of sanctions from Western nations for launching a war against
Many of Russia's energy customers are looking to purchase supplies from other areas and are not signing new contracts. A widespread embargo on energy sales would sharply cut into Russia's sales but, for now, the US and the UK are among a few nations that have outright banned Russian imports.
"The single biggest driver of Russia's current account surplus continues to look solid," Bloomberg quoted economists at the Institute of International Finance, or IFF, as saying in a report. "With current sanctions in place, substantial inflows of hard currency into Russia look set to continue."
An energy embargo by the European Union, the UK, and the US would spur a contraction in output of more than 20% and could cost Russia as much as $300 billion in export receipts, depending on price swings, according to IFF.
Prices for Brent crude, the international benchmark, and West Texas Intermediate crude, have climbed more than 30% so far this year, with prices pushed beyond $100 a barrel on concerns about supply shortages from Russia at a time of high demand for the commodity.