Russia’s Budget Revenue Surges to Record in December Despite Sanctions

Russia’s budget revenue rose to a record high last month even after the US targeted the banking sector with a new round of sanctions aimed at disrupting foreign trade payments and curbing proceeds from exports.

Total revenue in December reached more than 4 trillion rubles ($40 billion), up by 28% compared with the same month of the previous year, according to Bloomberg calculations based on Finance Ministry data published late Monday. That’s the highest level recorded in ministry data that starts from January 2011.