Russia says it's going to make 'significantly' more profits from energy exports this year as prices have jumped on policies from the West

Russia expects to see a jump in profits from energy exports this year.

Russian Foreign Minister Sergei Lavrov said on Saturday that there had been no budgetary losses because of the price level established by the west.

"This year we will significantly increase the profits from the export of our energy resources," the Bosnian Serb TV station quoted the Russian Foreign Minister as saying.

According to a report last week, Moscow could still rake in $800 million a day from oil and gas this year even though it has been hit with sanctions. Russia's oil and gas sales could top $300 billion this year, thanks to the gains in energy prices, according to a report. The country's takings from oil and gas in 2021.

President Putin's regime has been holding up so far as oil prices have risen about 50% this year and are trading at 13-year highs due to tight supplies that predated the war and a strong recovery in demand. Russia is a major energy producer and has been hit with sanctions.

Germany, Europe's largest economy, continues to be heavily dependent on Russian gas despite the EU agreeing to slash oil imports from Russia.

China and India are buying Russian oil at discounted prices.

"Oil is not subject to politics, there is a demand for it, and we have alternative sales markets where we are already increasing sales."