Portside

Russia’s economy ministry, as reported by Reuters citing government documents, says that expected Russian energy export revenues will reach $338bn in 2022 which is nearly $100bn or a third more than the $244bn figure for last year. This is in large part because Russia was able to reroute two-thirds of its lost sales to the West to countries such as India and China through which it entered the world oil market.

The following represent some early considerations of the likely—in some cases already occurring—economic consequences of the war for Russia, European Union, and the USA.