Bloomberg: Putin May Collect $321 Billion Windfall If Oil and Gas Keep Flowing
(Bloomberg) — Russia’s economy has staggered through the first full month of the war with Ukraine but it may yet emerge with a sparkling balance sheet if some of its biggest trade partners don’t turn off the tap on its exports of energy.
For all the hardships visited on consumers at home and the financial chokehold put on the government from abroad, Bloomberg Economics expects Russia will earn nearly $321 billion from energy exports this year, an increase of more than a third from 2021.
It’s also on track for a record current-account surplus that the Institute of International Finance says may reach as high as $240 billion.
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Update: Putin Will Collect a $321 Billion Windfall Partially Thanks to Sanctions (Mish Talks)
WNU Editor: The EU has a choice. Ban Russian oil and natural gas imports and go into a deep recession, or not.
In the current environment where the EU is doubling down on sanctions every week, I will not be surprised if in the coming weeks the EU will impose sanctions on these energy products in the hope that it will cripple the Russian economy and government before winter starts later this year, resulting in a change in Kremlin policy. IMHO this will not succeed.
Source: Russian Sanctions Will Result In A Massive Windfall For The Kremlin
Category: Russian sanctions
