Revenues of Russian companies skyrocket. (source: CNN)

Specifically, Russian companies reported revenue of 1.268 quadrillion rubles, almost double the amount recorded in 2021.

This strong increase was mainly due to growth in export turnover, mainly in the oil and gas sector. At the same time, this increase was also due to the recovery in consumer demand for goods and services.

Despite the doubling of revenue, corporate profits in Russia increased only slightly, to $370 billion from $350 billion recorded in 2021, marking a 5.9% increase.

However, taking into account the average inflation rate of 13.8% recorded in 2022, the real profit has actually decreased.

RBK commented that profits fell due to a sharp increase in costs due to sanctions imposed by the West on Russia over its military campaign in Ukraine.