In a briefing on Monday, 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).

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

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"Budget revenues from the oil and gas industry grew last year by 28%, or by 2.5 trillion rubles," the Russian official said in a government meeting.

"Oil production last year amounted to 535 million tonnes. This is 10 million tonnes higher than in 2021, or plus 2%. Exports also grew — by 7%," he added.

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According to Novak, the coal industry witnessed an increase in production by 0.3%, despite the European embargo on Russian supplies, noting that 442 million tonnes of coal were produced in 2022.

The Russian Deputy PM also pointed out that Russia's Liquefied natural gas (LNG) production grew by 8% last year, reaching 46 billion cubic meters, and noted a rise of diesel and gasoline production by 6% and 4.3% respectively.

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It is noteworthy that the EU has already imposed nine waves of unprecedented anti-Russia sanctions since the start of the Ukraine war in February, including targeting Russian key energy exports. 

After the adoption of several packages of sanctions against Moscow by the West, the sanctions backfired, having detrimental effects on the world's global markets, most notably gas and oil.

European governments are now suffering the repercussions of their sanctions amid rising strikes and protests over the cost of living and pay.

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