The Russian cabinet has approved raising the threshold for the export of ammonium nitrate by 300,000 tons.

"The current quotas for the export of mineral fertilizers from Russia will increase by 300,000 tons. The decree was signed by Russian Prime Minister Mikhail Mishustin. The adopted decision comes into force from the moment of publication. It will be valid until May 31, 2023, and provide for an increase in the quota for the export of ammonium nitrate, " the statement read.

This decision will allow producers of mineral fertilizers to put up their excess final products for exportation. 

The total volume of the export quota will exceed 12.6 million tons. The Russian Industry and Trade Ministry has been instructed to distribute the volumes among exporters. It is specified that the quotas will not apply to the supply of fertilizers to Abkhazia and South Ossetia.

Read more: Russian energy exports grew in 2022 despite sanctions, embargo

In a briefing back in February, Russian Deputy Prime Minister Alexander Novak highlighted that the country's oil and gas revenues increased by 28%, amounting to 2.5 trillion rubles ($36.7 billion) despite the sanctions. 

Novak noted that in 2022, Russia's oil production increased by 2% reaching 535 million tonnes, while overall exports rose by 7%.

Read more: Russia unaffected by oil price cap: Putin

Last week, Chinese Foreign Minister Qin Gang issued a statement describing the recent summit between Chinese President Xi Jinping and Russian President Vladimir Putin in Moscow as "very successful and productive," Chinese Foreign Minister Qin Gang said. 

Despite Western sanctions and blackmail, economic turnover between Russia and China has reached historic highs, with Moscow saying the objective of increasing trade volumes to $200 billion would be met ahead of time.

Read more: Xi's visit to Moscow was 'very successful': China's FM