Oil and gas exports: Moscow expects additional revenue of 13.7 billion euros

Energy prices are rising in the wake of the Russian attack on Ukraine. Russia is therefore expecting almost 14 billion euros in additional income this year. Part of the money is to be spent on the war.

Shortly before the EU summit on a possible oil embargo against Russia, Moscow quantified its additional income from the internationally high energy prices for the first time Russian Finance Minister Anton Siluanov on state television. “We expect up to a trillion rubles more in oil and gas revenues.”

The government wants to spend the additional income this year rather than put it aside. The finance minister said the money should be spent on “additional payments” for pensioners and families with children and for the “special operation” in Ukraine.

The West has imposed a series of sanctions on Moscow over Russia’s war in Ukraine. Russia’s oil and gas supplies have so far been exempt from this. Because of the very high energy prices worldwide as a result of the war, Moscow is currently raking in record revenues.

EU summit discusses tougher sanctions

The EU summit in Brussels on Monday will deal with new financial aid for Ukraine and new sanctions against Moscow. The member states of the EU want to become independent of fossil fuels from Russia more quickly. However, it is unclear whether they can agree on an oil embargo.

Hungary in particular has so far blocked such a step, which would have to be decided unanimously. The country says it gets 65 percent of its crude oil from Russia and is demanding massive financial aid in exchange for a commitment to the embargo.

BDI boss: Can’t handle the gas stop “yet”

Meanwhile, the president of the industry association BDI, Siegfried Russwurm, warned against a complete cessation of energy imports from Russia. “It’s part of being honest that we still wouldn’t be able to cope with a stop in Russian gas deliveries today – the economy and the federal government agree on that,” he told the newspapers of the editorial network Germany (RND).