Russian state oil and gas revenues plunge to lowest level since 2020
State oil and gas revenues fell by half in January to 393.3 billion roubles. This lowest level since 2020 is tied to lower crude prices and a stronger rouble.
Insights:
Russian state oil and gas revenues fell approximately 50 percent year-on-year in January to 393.3 billion roubles, marking the lowest monthly total since July 2020. Data from the Russian Finance Ministry indicates that January collections were down from the 447.8 billion roubles recorded in December. The ministry attributed this sharp decline to lower crude prices and a stronger rouble, noting that the reported exchange rate stood at 77.1000 roubles per dollar.
