Russia’s oil and gas revenues in January fell by 46%

In January, Russia’s revenue from the sale of oil and gas fell by 46% compared to the same period last year, informed Ministry of Finance of Russia.

According to the agency, revenues from oil and gas in January amounted to 426 billion rubles. The Finance Ministry linked the fall to lower prices for Russian-branded Urals oil and a reduction in gas exports.

In early January, the Bloomberg agency, Russia’s revenue in January fell, citing the relevant agency reportedthat oil from the Urals is trading at half world prices – less than $38 a barrel. It’s even below the price cap of $60 that established Western countries in December in response to the Russian invasion of Ukraine. However, the actual price at which Russia sells oil Maybe upper.

According to Reuters estimates, in 2022 Russian gas supplies to Europe decreases by almost 46% compared to the previous year and reached the lowest levels since 2000. After its invasion of Ukraine, Russia cut off gas supplies to a number of EU countries , while others themselves refused Russian gas. Furthermore, the drop in exports was affected by the Nord Stream accident.

Russia’s non-oil and gas revenue in January amounted to 931 billion rubles, down 28% from January 2022. The Finance Ministry notes that this happened “mainly due to a reduction domestic revenue from VAT and income tax”.

At the same time, budgetary expenditure in January increased by almost 59% and reached 3.1 trillion rubles. In the Ministry of Finance, this is associated with the timely conclusion and advance payment of contracts.

Thus, Russia’s budget deficit in January amounted to 1,760 billion rubles. This is a record since 1998, Remarks Bloomberg Agency. Everything is going according to plan, according to the Ministry of Finance.