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requirements," S&P Global said.
The sector's growth in the past year has been predicated on domestic demand, as new export orders have contracted stubbornly while Moscow pursues what it calls its "special military operation" in Ukraine.
4.3.2 Corporate profits dynamics
The revenue of Russian companies in 2022, calculated by the Federal Tax Service on the basis of tax returns, has reached RUB1,268 trillion. For the first time, it exceeded a quadrillion, or a thousand trillion, writes RUBC. In 2021, it was almost half as much - RUB655 trillion.
Most of this huge amount, due to the peculiarities of tax statistics, was given by one-time factors. The effect of currency revaluation (the dollar exchange rate fluctuated from RUB120 to RUB57 last year) manifested itself in non-operating income that jumped three times (almost RUB900 trillion). They were practically compensated by non-operating expenses (890 trillion), which also arose mainly due to currency revaluation - but negative.
The data again confirms that 2021 and 2022 were anomalous years for the Russian economy – in previous years, Russian companies consistently earned about RUB260 trillion. The fact that no economic miracle happened is also clearly demonstrated by the profits of companies. According to tax data, it grew only to RUB31.1 trillion from RUB29.4 trillion in 2021 (by 5.9%), lagging behind
66 RUSSIA Country Report July 2023 www.intellinews.com