Despite conflict with Ukraine, Russian business revenue still surges

Citing data from the Russian Federal Tax Service, RBK news site reported on June 20 that the revenue of Russian companies will nearly double in 2022 and reach the 1 quadrillion ruble mark for the first time.

Revenues of Russian companies skyrocket. (source: CNN)

Specifically, Russian companies reported revenue of 1.268 quadrillion rubles, almost double the amount recorded in 2021.

This strong increase was mainly due to growth in export turnover, mainly in the oil and gas sector. At the same time, this increase was also due to the recovery in consumer demand for goods and services.

Despite the doubling of revenue, corporate profits in Russia increased only slightly, to $370 billion from $350 billion recorded in 2021, marking a 5.9% increase.

However, taking into account the average inflation rate of 13.8% recorded in 2022, real profits have actually decreased.

RBK commented that profits fell due to a sharp increase in costs due to sanctions imposed by the West on Russia over its military campaign in Ukraine.

Source: https://baoquocte.vn/bat-chap-xung-dot-voi-ukraine-doanh-thu-cua-doanh-nghiep-nga-van-tang-dot-bien-231750.html