Expensive Oil Gives Russia A $300 Billion Trade Surplus Despite War With Ukraine
Thanks to expensive oil, Russia posted a trade surplus of $332.4 billion last year. This is evident from figures from Russian customs.
The volume of exports increased by almost one-fifth to $591.5 billion in 2022, while imports increased by 12 percent to $259.1 billion. The trade surplus increased by 68 percent compared to 2021.
This is mainly due to the expensive oil. Despite the invasion of Ukraine, Russia boosted oil revenues by 42 percent.
But this year’s continuation of that trend is not expected because of the Western price cap on Russian oil and oil products.