The Sanctions Will Only Help Russia Achieve a Massive Current Account Surplus As Oil and Gas Prices Are Higher
Telegram Post By Jamie McIntyre
As I highlighted some weeks ago the Sanctions will only help Russia achieve a massive current account surplus as oil and gas prices are higher , plus their dollar is cheaper, which means they get paid more in Ruble. Russia has little debt, large gold & foreign reserves and the Ruble intrinsic value is going to be worth more then ever.
Russian gas exports could hit record $321bn in 2022 – Bloomberg
Bloomberg analysts are predicting a massive year for Russian energy exports that could see a record income of $321bn – up a third from 2021 – as gas prices on the spot market have quintupled in the past year. A current -account surplus of $240bn could also be achieved despite the ruble’s weakened value – or perhaps because of it, according to German Science and Politics researcher Janis Kluge.
“If we multiply the oil price by the ruble exchange rate, it shows that Moscow expected revenues of around 4,500 rubles per barrel of oil, but is getting much more, around 7,000 rubles,” he said.