Moscow expects big jump in profits from energy exports in 2022

Russian Foreign Minister Sergey Lavrov said on Saturday that Western sanctions would have no effect on the country’s oil exports and predicted a big jump in profits from energy transports this year.

“Given the price level set as a result of the policies of the West, we have not suffered any budget losses,” the foreign ministry quoted him as saying to a Bosnian Serb television channel.

“On the contrary, this year we will significantly increase profits from the export of our energy resources.”

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On Monday, European Union leaders agreed in principle to cut 90 percent of oil imports from Russia by the end of this year to punish Moscow for invading Ukraine.

“Oil is generally not subject to politics, there is a demand for it … we have alternative outlets, where we are already increasing sales,” Lavrov said.

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