Russia’s current account surplus reached $58.2 billion in the first quarter of this year alone, a record in nearly 3 decades, Business Insider writes.

Russia posted its largest current account surplus in about 3 decades as revenues from oil and gas exports surged in the first quarter of the year: $58.2 billion, the central bank said Monday. The amount is more than double the $22.5 billion recorded in the same period last year.

The current account surplus is a key indicator of trade and investment flows, as Russia is an energy powerhouse even in the face of Western sanctions. It will still receive nearly $321 million from energy exports from the start of 2022, 36% more than in 2021, as projected by Bloomberg Economics in April. That’s because oil prices soared to a 14-year high in 2022 amid sanctions against Russia.

The European Union is still a big consumer of Russian energy for now – it has yet to fully embargo energy. Last week, the EU approved only a ban on Russian coal and is still considering an oil embargo, but made no mention of a natural gas embargo because Europe is heavily dependent on pipeline gas from Russia.

Russia managed to pay off its foreign debt on time until last Monday. The ruble exchange rate has also returned to its previous level due to strict capital controls in the country.

The EU has paid Russia $38 billion for energy supplies since the start of the special operation in Ukraine, according to a senior EU official. This has helped boost Russia’s foreign currency reserves. Meanwhile, profits from high oil and gas prices have also helped Russia replenish its emergency state reserves by 273.4 billion rubles ($3.2 billion).