But it's not all good news for Russian companies: Due to sanctions, their profits grew just 6% on-year.
That's nearly double the 655 trillion rubles Russian companies made in 2021, per the tax service department's statistics.
In particular, Russian energy giant Gazprom posted record profits in the first half of 2022, prompting Moscow to impose windfall taxes on the company.
Russia's energy revenues have also been hit heavily by restrictions against its exports, particularly after the European Union — a major customer of Russian energy — banned Russian crude oil starting December 5.
In the first quarter of 2023, Russia posted a deficit of almost 2.4 trillion rubles — sharply reversing a surplus of more than 1 trillion rubles in the first quarter of 2022.
Persons:
That's, it's, —, Andrei Belousov
Organizations:
Service, RBC, Gazprom, European Union, RBC TV
Locations:
Ukraine, Russia, Moscow