Russian revenues from oil, gas business grow 28% in 2022

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Russia's budget revenues in 2022 from the oil and gas industry increased by 28 percent or by 2.5 trillion rubles (36.4 billion U.S. dollars) from the previous year, Russian Deputy Prime Minister Alexander Novak said Monday.

Despite sanctions by unfriendly countries, oil production in Russia amounted to 535 million tons last year, an increase of 10 million tons from 2021, while oil exports rose by 7 percent, Novak said at a government meeting.

Exports of liquefied natural gas increased by 8 percent to reach 46 billion cubic meters. Still, exports of pipeline gas declined due to sanctions and sabotage on the Nord Stream pipelines, he added.

"Despite all the difficulties last year, the fuel and energy complex demonstrated stable operation, resistance to external challenges, and the ability to ensure our country's energy security," Novak said.

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