The Russian economy isn't just oil and gas. It has other industries, some of them were hit by the western sanctions, while others are pretty much OK. The fact that Russia has a positive export/import ratio doesn't mean that the majority of the Russian population will get out of poverty. The Russian political and economical elite plus the Russian war machine are the biggest beneficiaries from the export of expensive natural gas(and not-so-expensive oil). The "average Joe" in Russia will keep living in misery and stagnation.
The EU sanctions towards Russia were a stupid decision. You don't impose sanctions and you don't start an "economic war" against your main supplier of gas, oil and raw materials. Everyone with a functioning brain would come to such conclusion.
Topic: Russia More Than Triples Current-Account Surplus to $167 Billion - page 4. (Read 561 times)
August 10, 2022, 05:16:14 AM
August 10, 2022, 04:21:00 AM
I guess Russia should be thanking the Western nations for the sanctions. Oil/Gas prices went up as a result of the sanctions. Natural gas prices at Dutch TTF were around $850 per thousand cubic meters when the conflict started. Now the prices stand at $2,200 per thousand cubic meters. And this means that Russian can reduce deliveries by 60% and still receive the same amount of money from the EU customers. And let's remember that the winter season is still 2-3 months away. Once the winter starts, natural gas prices are going to hit the stratosphere.
Russia is strictly complying with sanctions from the US and EU by not being able to receive back the gas turbines of the Nord Stream 1 pipeline from Germany, because of the embargo but Germany seems unhappy with this decision of Russia. I think they should be glad that the Russians are complying with the sanctions.
It seems that the plan to fill the EU gas reserves is not on track and winter is only 2-3 months away. I am still waiting to see how they will deal with it, other than lobbying citizens to limit gas use and start taxing more gas.
August 10, 2022, 03:47:08 AM
It is not surprising to read that Russia is profiting from this situation.
Yeah, total profits, then can you explain this?
https://www.reuters.com/markets/europe/russian-economy-declines-4-yy-q2-after-35-yy-increase-q1-econ-ministry-2022-07-27/
Quote
The Russian economy declined by 4.0% year-on-year in the second quarter of 2022 after a 3.5% rise in the previous three months, the economy ministry said on Wednesday.
The first quarter was expected to have been the last with sound growth before the Russian economy took a hit from sweeping sanctions for Moscow's decision to send troops into Ukraine on Feb. 24.
The ministry also said the economic decline deepened to 4.9% year-on-year in June after a fall of 4.3% in May.
The first quarter was expected to have been the last with sound growth before the Russian economy took a hit from sweeping sanctions for Moscow's decision to send troops into Ukraine on Feb. 24.
The ministry also said the economic decline deepened to 4.9% year-on-year in June after a fall of 4.3% in May.
Yeah, when Europe grows by 0.9% the European Union is going to collapse, when Russia's GDP is down 4%, the fall accelerated to 4.9% and their oil is selling at 74$ , Russia is doing soooooo great!
Now I understand why our discussion on the other thread went like this, confirmed, you see only what you want to see, suddenly when it comes to this government you fully trust all the data! Yeah, ironic!
ps winter is coming.
August 10, 2022, 02:40:48 AM
It is not surprising to read that Russia is profiting from this situation.
Yeah, total profits, then can you explain this?
https://www.reuters.com/markets/europe/russian-economy-declines-4-yy-q2-after-35-yy-increase-q1-econ-ministry-2022-07-27/
Quote
The Russian economy declined by 4.0% year-on-year in the second quarter of 2022 after a 3.5% rise in the previous three months, the economy ministry said on Wednesday.
The first quarter was expected to have been the last with sound growth before the Russian economy took a hit from sweeping sanctions for Moscow's decision to send troops into Ukraine on Feb. 24.
The ministry also said the economic decline deepened to 4.9% year-on-year in June after a fall of 4.3% in May.
The first quarter was expected to have been the last with sound growth before the Russian economy took a hit from sweeping sanctions for Moscow's decision to send troops into Ukraine on Feb. 24.
The ministry also said the economic decline deepened to 4.9% year-on-year in June after a fall of 4.3% in May.
Yeah, when Europe grows by 0.9% the European Union is going to collapse, when Russia's GDP is down 4%, the fall accelerated to 4.9% and their oil is selling at 74$ , Russia is doing soooooo great!
Now I understand why our discussion on the other thread went like this, confirmed, you see only what you want to see, suddenly when it comes to this government you fully trust all the data! Yeah, ironic!
August 10, 2022, 02:30:27 AM
I guess Russia should be thanking the Western nations for the sanctions. Oil/Gas prices went up as a result of the sanctions. Natural gas prices at Dutch TTF were around $850 per thousand cubic meters when the conflict started. Now the prices stand at $2,200 per thousand cubic meters. And this means that Russian can reduce deliveries by 60% and still receive the same amount of money from the EU customers. And let's remember that the winter season is still 2-3 months away. Once the winter starts, natural gas prices are going to hit the stratosphere.
August 10, 2022, 01:51:26 AM
It seems, despite the image that some media may give us, that Russia is not doing badly financially.
Russia More Than Triples Current-Account Surplus to $167 Billion
When you consider how pathetic it is that sanctions have been imposed on Russia by the European Union, have resulted in things like this:
LMAO: India resells Russian oil to the European Union.
It is not surprising to read that Russia is profiting from this situation.
It's funny that a multiple increase in Russia's trade surplus against the backdrop of a special operation is actively pedaled in the Western media as a symptom that things are going badly in Russia. They say the economy is exploding from the fall in imports and there is nowhere to put the money, even cry. Russia More Than Triples Current-Account Surplus to $167 Billion
Quote
Russia’s current-account surplus more than tripled from last year after notching record levels since the invasion of Ukraine, as declines in imports combined with booming revenues from energy and commodity sales abroad.
The surplus in the current account, the broadest measure of trade and investment flows, widened to almost $167 billion in January-July, compared with just over $50 billion during the same period a year earlier, the Bank of Russia said in a preliminary estimate published on Tuesday.
The proceeds have become a critical source of hard currency for the Kremlin since the invasion in February. A collapse in imports, driven in part by international sanctions over the war, has contributed to the surplus. It reached a preliminary $138.5 billion for the first six months of 2022.
The surplus in the current account, the broadest measure of trade and investment flows, widened to almost $167 billion in January-July, compared with just over $50 billion during the same period a year earlier, the Bank of Russia said in a preliminary estimate published on Tuesday.
The proceeds have become a critical source of hard currency for the Kremlin since the invasion in February. A collapse in imports, driven in part by international sanctions over the war, has contributed to the surplus. It reached a preliminary $138.5 billion for the first six months of 2022.
When you consider how pathetic it is that sanctions have been imposed on Russia by the European Union, have resulted in things like this:
LMAO: India resells Russian oil to the European Union.
It is not surprising to read that Russia is profiting from this situation.
August 10, 2022, 01:31:07 AM
When you consider how pathetic it is that sanctions have been imposed on Russia by the European Union, have resulted in things like this:
LMAO: India resells Russian oil to the European Union.
The thing about sanctions is that they have turned into a double edge sword that has been cutting the wielder more. For example when US sanctioned Venezuela they also harmed their own oil industry since it was the Americans who were running the Venezuela refineries who had to accept the billions of dollars in losses when they exited. Guess who is involved in those refineries today? LMAO: India resells Russian oil to the European Union.
The funniest thing that I learned recently was that during US maximum pressure against Iran (still ongoing) they claimed they would decrease Iran's oil exports to zero, US navy has been running and depending on the fuel that Iran have been selling them. The same navy they try to threaten Iran with
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August 10, 2022, 01:13:03 AM
It seems, despite the image that some media may give us, that Russia is not doing badly financially.
Russia More Than Triples Current-Account Surplus to $167 Billion
When you consider how pathetic it is that sanctions have been imposed on Russia by the European Union, have resulted in things like this:
LMAO: India resells Russian oil to the European Union.
It is not surprising to read that Russia is profiting from this situation.
Russia More Than Triples Current-Account Surplus to $167 Billion
Quote
Russia’s current-account surplus more than tripled from last year after notching record levels since the invasion of Ukraine, as declines in imports combined with booming revenues from energy and commodity sales abroad.
The surplus in the current account, the broadest measure of trade and investment flows, widened to almost $167 billion in January-July, compared with just over $50 billion during the same period a year earlier, the Bank of Russia said in a preliminary estimate published on Tuesday.
The proceeds have become a critical source of hard currency for the Kremlin since the invasion in February. A collapse in imports, driven in part by international sanctions over the war, has contributed to the surplus. It reached a preliminary $138.5 billion for the first six months of 2022.
The surplus in the current account, the broadest measure of trade and investment flows, widened to almost $167 billion in January-July, compared with just over $50 billion during the same period a year earlier, the Bank of Russia said in a preliminary estimate published on Tuesday.
The proceeds have become a critical source of hard currency for the Kremlin since the invasion in February. A collapse in imports, driven in part by international sanctions over the war, has contributed to the surplus. It reached a preliminary $138.5 billion for the first six months of 2022.
When you consider how pathetic it is that sanctions have been imposed on Russia by the European Union, have resulted in things like this:
LMAO: India resells Russian oil to the European Union.
It is not surprising to read that Russia is profiting from this situation.
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