Russian exports rose 20% YoY in the second quarter of 2022 - helped by high oil prices, - the Central Bank of Russia

At the same time, the volume of exports fell by 59% due to sanctions. Russian Urals oil in the second quarter was sold at $80 per barrel, which is 18% higher than last year.

The next tax period may have a strong impact on the ruble exchange rate. Given the growth of dollar earnings of oil companies, the ruble exchange rate may strengthen significantly.