Russia's Oil and Gas Revenues Plunge 47% in H1 2023
Finance Ministry says fall linked to lower oil, gas prices, reduction in natural gas exports
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Official figures released on Friday show that Russia experienced a significant 47% decline in oil and gas revenues during the first half of 2023 compared to the previous year.
The Finance Ministry's report attributes this drop to lower oil and gas prices, as well as a decrease in natural gas exports.
The ministry further stated that the monthly trend of these revenues is gradually aligning with their base level of 8 trillion rubles per year.
In December, the US, EU, UK, Canada, Japan, and Australia imposed a price cap of $60 per barrel on seaborne supplies of Russian oil, and in February, the cap was expanded to petroleum products.
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