Yemen Eco | News:
Russia continued to reveal that it has achieved huge revenues and profits, through which it confirms the failure of the USA and the Western sanctions against it since the start of its war with Ukraine in February of last year.
Although Western sanctions focused mainly on the Russian oil and gas exports, the Russian government announced on Saturday, that the Russian budget revenues of oil and gas starting from this September began significantly exceed last year’s rates.
The Russian prime minister Mikhail Mishostain, explained about the draft budget for the years 2024-2026 that the non- oil and gas revenues of last August amounted to about 19 billion dollars, an increase of 56% over last year.
The Russian official disclosed that the budget accomplished at the end of last month a surplus estimated at 2.38 billion dollars, clarifying that it achieved surplus by the virtue of the significant growth in the oil and gas revenues.
In accordance with the section of the world oil markets at “Yemen Eco” website, the success of Russia in accomplishing revenues due to two major reasons, first, the Western sanctions against the Russian oil exports led to the increase of world oil prices whereas Russia found alternative markets for its exports instead of the western counties that boycotted the Russian oil exports among those markets doubling its exports to China.
As of the second reason, is related to the Russian success in persuading Saudi Arabia within OPEC plus alliance to reduce production in a manner that prevents a significant drop in oil prices globally, in deed, the policy of that alliance has often led to high prices and thus achieving greater returns.
Source: RT + Yemen Eco.