Despite sanctions and boycotts, Russia could still rake in $800 million a day from oil and gas this year — more than it pulled in last year

Russia has been hit with intensifying sanctions ever since it invaded Ukraine, but it could still rake in $800 million a day from oil and gas revenues this year.

Oil prices are at 13-year highs this year and the regime of President Vladimir Putin has held up well. Russia's oil and gas sales are expected to reach $285 billion this year. The country took $238.6 billion from oil and gas in 2021.

The EU gets 40% of its natural gas from Russia, which is contributing to Moscow's windfall.

Germany, Europe's largest economy, is heavily dependent on Russian gas and has caved in after the EU agreed to slash Russian oil imports. The Russian currency has become the world's top-performing currency against the US dollar so far this year.

China and India are buying discounted Russian oil in defiance of international sanctions.

The forecast is from energy alone. Russia is a major producer of wheat and metals.

The country is expected to make $300 billion from the raw materials trade this year. Russia has frozen its foreign reserves because of international sanctions.

Russia's gains from the commodities rally predate the war as prices of raw materials have been on the up due to supply-chain challenges and recovering demand. The invasion of Ukraine by Russia worsened trade dislocations and pushed up prices even more as the two countries are key commodity exporters.

Janis Kluge, a senior associate for Eastern Europe and Eurasia at the German Institute for International and Security Affairs, said that the goal of sanctions was not realistic.