Russia’s oil, gas revenues drop by 47% in 1st half of 2023

Russia’s oil and gas revenues dropped by 47% in the first half of 2023 compared with the previous year, official figures revealed on Friday.

According to a report by the Finance Ministry, the fall is linked to lower oil and gas prices and a reduction in natural gas exports.

“The monthly dynamics of oil and gas revenues are gradually moving towards a trajectory corresponding to their base level (8 trillion rubles per year),” the ministry said.

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.