Russia benefits from oil price resilience

(MENAFN) Russia is in a position to receive an additional $65 billion for its public coffers in 2022 if rising fuel costs remain at a flexible level, Bloomberg reported last week, citing forecasts made by economists.

Bloomberg quoted Renaissance Capital analyst Donets as saying, “Russia’s fiscal position is so super stable that even with more modest oil prices, it’s hard to jeopardize it in the current situation.

Bloomberg economist Scott Johnson told the news agency: “This year’s energy windfall is expected to be incredibly large. This inflates Russia’s budget reserves at the right time for the Kremlin, providing a greater buffer against the crisis in the event of sanctions. Beyond geopolitics, it also means more flexibility to increase spending and invest in the economy.

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