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Mar 21, 2022 · Russia relies heavily on revenues from oil and natural gas, which in 2021 made up 45% of Russia’s federal budget. In 2021, Russian crude and condensate output reached 10.5 million barrels per day (bpd), making up 14% of the world’s total supply.
Jul 2, 2024 · Russia is the third-largest producer of oil worldwide, accounting for over 12 percent of global crude oil production. Rich in natural resources, the country concentrates its energy production...
- Introduction
- I. Trade and The Strong Ruble
- II. Budgets and Long-Term Savings
- III. Reserves and The CBR’s Shrinking Room For Maneuver
- Conclusion
Russia’s economy has demonstrated impressive resilience in the face of Western sanctions, so far. Forecasts of gross domestic product (GDP) downturn have been consistently revised on the upside, and inflation, though high, is lower than in Italy and in line with global trends. This resilience stands in stark contrast to the consensus in the immedia...
On a visit to Poland one month after Russia launched its invasion, President Joe Biden bragged that the unprecedented package of sanctions had reduced the ruble “to rubble.” While sell-offs had indeed caused the ruble to depreciate strongly in late February and early March, the picture was already quite different by the time Biden made his speech o...
It is hard to imagine a more mixed policymaking picture than record export income combined with a twenty-percent decline in domestic economic activity. Watching the interactions between stakeholders in the federal budget process offers remarkable insights into their priorities and concerns related to short- and long-term income. This section will l...
Without the Central Bank’s drastic policies, Russia may have faced a financial crisis early in the war. The fact that the banking system withstood the shock to confidence—especially when the lender of last resort had just been deprived of more than half of its FX reserves—is no mean feat. However, the CBR is not all-powerful. This section will look...
Though largely enabled by one dominant factor – oil and gas export income – Russia’s response to sanctions and the exodus of Western firms has been competent. In retrospect, it is easier to see how effective some planks of the “Fortress Russia” strategy have proven, at least in withstanding the initial shock of Western sanctions. A Central Bank wit...
fuel commodities, including oil, coal and especially natural gas have been robust since February 2022, albeit with some relative weakness in 2024. Russia’s export revenues in 2022 set historical records,
Mar 9, 2022 · Energy exports are the cornerstone of Russia’s economy. In recent years, Russia has sent large quantities of its natural gas and oil to Europe, the United States and elsewhere. Now the Russian...
Oil and gas exports from Russia have been instrumental to its resilience as a means of financing social obligations at home and purchasing critical foreign imports. In 2022-23, following the introduction of a trade ban by the US and the EU, Russia managed to redirect its crude oil and refined product exports
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Over the first nine months of the year, Russia’s federal budget has seen impressive increases in revenues; oil and gas revenues were up by 60 percent, and VAT and income taxes by around 30 percent each.
