Oil production in Russia increased by 2% to 535 million tons despite sanctions against Moscow, Russian President Vladimir Putin said on Tuesday.

“Despite sanctions pressure, oil production in Russia increased by about 2% in 2022, the production volume amounted to 535 million tons,” Putin said at a virtual meeting on economic issues.

Earlier 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).

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

Source: Agencies