Russian political party head says revenue from oil sales thriving despite Western sanctions


(MENAFN) Grigory Yavlinsky, the founder of Russia's largest liberal political party, Yabloko, stated that Russian revenue from oil sales is thriving despite the sanctions imposed by Western nations.

On Saturday, during a two-day party congress, Yavlinsky claimed that “the sanctions placed against Russia have not worked because Russia is a part of the global economy and a large amount of petrodollars continue to circulate in the economy.”

“In 2022, Russia earned USD590 billion in export revenue, which is USD160 billion higher than any given year in the last decade,” he emphasized.

Yavlinsky added that, contrary to the opposition's alarming predictions last year, the "reality is different." He claimed that by the end of the year, Russia's revenue is anticipated to be USD60 billion higher than the average.

“The federal budget increased by 26 percent in 2022 and will grow another 16 percent this year,” the politician added, declaring that 40 percent of the revenue is aimed towards defense and security.

Yavlinsky asserted that there will be no "acute crisis" in the Russian economy, and people will carry on with their lives as usual.

Since the onset of the Russia-Ukraine conflict in February of last year, the US and the EU have implemented unprecedented sanctions on Russia, impacting various sectors, including oil and gas. As part of the efforts to undermine the Russian economy, the G7 made a decision to impose a USD60-per-barrel price cap on Russian oil.

MENAFN10122023000045015839ID1107566179


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.