Russia will see a sharp increase in energy export profits this year as Western policies have led to higher prices.

Russia’s Foreign Minister Sergei Lavrov said this on Saturday, according to Reuters. “Given the level of prices created by Western policy, we do not feel any budget losses.” Lavrov said. “On the contrary. This year we will significantly increase profits from the export of our energy sources,” he added.

The European Union this week approved a sixth package of anti-Russian sanctions in response to the Russian invasion of Ukraine; it includes a ban on imports of most Russian oil since the turn of the year. Moscow has warned this week that EU sanctions on Russian oil imports will hit the global energy market. However, she added that Russia could redirect its oil exports to limit its own losses.

“Oil is generally not subject to politics, there is a demand for it,” Lavrov said. “We have alternative markets where we are already increasing sales,” he added. According to the International Energy Agency (IEA), almost half of Russia’s total oil and oil product exports went to the EU last year.


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