Russia plans to use gas profits to attack Ukraine

Exports of gas and other fuels bring billions in additional revenue to Russia. Finance Minister Anton Silvanov said some of the money could be used for the Ukrainian war.

Russia expects an additional revenue of 13.7 billion euros this year from fossil fuel exports. “We expect more than a trillion rubles in oil and gas revenues,” Finance Minister Anton Silvanov told state television on Friday, citing a recent forecast from the Ministry of Economic Development. A portion of the extra income could be used to continue the Russian invasion of Ukraine.

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The government wants to spend this year rather than set aside extra revenue, he said. Citing Russia’s war against Ukraine, the finance minister said that money should be spent on pensions and families with children and “special operations” in Ukraine.

Gas and oil have so far been exempted from sanctions

The West has imposed a series of sanctions on Moscow to punish the Kremlin for sending troops to Ukraine. So far, Russia has exempted oil and gas supplies from sanctions. Russia is currently spearheading record revenues due to high gas prices.

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