Russian budget revenue from oil, gas industry grew 28% in 2022: Official

By Burc Eruygur

ISTANBUL (AA) - Russia's budget revenues from the oil and gas industry grew 28% annually in 2022, a senior official said on Monday.

That increase amounts to 2.5 trillion Russian rubles ($36.5 billion), Alexander Novak said at a meeting between Prime Minister Mikhail Mishustin and other deputy prime ministers.

Novak pointed out that oil production in Russia rose 2% last year to 535 million tons, while oil exports increased 7% despite Western sanctions over the war in Ukraine.

"Summing up, I would like to note once again that last year the fuel and energy complex, despite all the difficulties, demonstrated stable operation, resistance to external challenges, the ability to ensure the energy security of our country and the realization of export potential, including for the formation of a significant part of budget of the Russian Federation," Novak added.

President Vladimir Putin on Thursday assigned the government several tasks, including expanding foreign economic relations and building new logistics corridors, increasing the technological capabilities of the Russian economy and strengthening financial sovereignty in the face of sanctions imposed by Western countries.