Moscow expects big jump in profits from energy exports in 2022

MOSCOW: Russian Foreign Minister Sergei Lavrov on Saturday said Western sanctions would have no effect on the country’s oil exports and predicted a big jump in profits from energy shipments this year.

Photo: Russian Foreign Minister Sergey Lavrov speaks to the media during a press conference in Moscow, Russia, June 24, 2019. (Alexander Zemlianichenko/AP)

“Considering the price level that has been established as a result of the West’s policies, we have suffered no budgetary losses,” the foreign ministry quoted him as telling a Bosnian Serb television station.

“On the contrary, this year we will significantly increase the profits from the export of our energy resources.”

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On Monday, European Union leaders agreed in principle to cut 90% of oil imports from Russia by the end of this year to punish Moscow for invading Ukraine.

“Oil, generally speaking, is not subject to politics, there is a demand for it … we have alternative sales markets, where we are already increasing sales,” said Lavrov.

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