Chinese 100, 50, 20, 10 and 5 yuan bills and Russian 1,000 and 100 ruble bills - Sputnik International, 1920
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Putin: Russia's Oil Production Up by About 2% to 535Mln Tonnes Despite Sanctions

© Sputnik / Mikhail Klimentyev / Go to the mediabankRussian President Vladimir Putin chairs a meeting with members of the government
Russian President Vladimir Putin chairs a meeting with members of the government - Sputnik International, 1920, 17.01.2023
MOSCOW (Sputnik) - Oil production in Russia increased by 2% to 535 million tonnes 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 tonnes," Putin said at a virtual meeting on economic issues.
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Western countries have been seeking ways to limit Russia's income from oil and gas exports, as well as their dependence on Russian fuel since the country launched a military operation in Ukraine on February 24. On December 5, the European Union placed a price cap of $60 per barrel on Russian crude oil, joined by the G7 nations and Australia.

In late December, Russian President Vladimir Putin signed a decree banning supplies of Russian oil and petroleum products if contracts directly or indirectly provide for a price cap. According to Kremlin spokesman Dmitry Peskov, the Russian president did not consult with OPEC+ allies before signing off on the response measures.
Russian servicemen are seen near a front line, in the course of Russia's military operation in Ukraine, in Kharkov region, Ukraine - Sputnik International, 1920, 12.01.2023
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Speaking about Russia's gross domestic product (GDP), the president said that for 11 months of 2022 it decreased by only 2.1%, in general, by the end of the year it is expected to decrease by 2.5%.
"According to the Ministry of Economic Development... Russia's GDP in January-November of 2022 decreased, but only by 2.1%... In general, a decrease of 2.5% is expected for the whole year," he said.
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