Russia Expects $11 Billion Energy Windfall in 2023 Despite Cap
In the last five months of 2023, total extra proceeds from oil and gas sales are estimated to reach 1 trillion rubles ($11 billion).
Source: Bloomberg
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Russia expects to get a huge inflow of energy revenue by the end of this year despite an oil price cap imposed by Group of Seven nations, and may channel it toward spending as the government continues to pour resources into the war in Ukraine.
In the last five months of 2023, total extra proceeds from oil and gas sales are estimated to reach 1 trillion rubles ($11 billion), according to two people close to the government with knowledge of the situation, who spoke on condition of anonymity. That amount is above a baseline level in the budget.