Oil and gas revenues of the russian federation fell by almost 40% in January

Russia’s revenues from oil and gas exports, particularly by sea, fell by 38% in January.

Russia’s revenues from oil and gas exports in January 2023 amounted to $18.5 billion. This is 38% lower than revenues for January 2022, Reuters writes with reference to the International Energy Agency (IEA).

IEA Executive Director Fatih Birol said that a sharper drop in revenues is expected in the coming months.

“We expect the decline to be even sharper in the medium term due to the lack of access to technology and investment,” Birol emphasized.

This trend was influenced by both the “price ceiling” from the G7 countries and the ban on the import of Russian oil by sea.

As previously reported by USM, the sanctions regarding the import of russian oil products to the EU started to operate on February 5.