“Russia’s Oil and Gas Revenues Decrease by 52% in Q1 2023”

In January-April, Russia’s oil and gas revenues decreased by 52% compared to last year’s figures for the same period.

Source: Ministry of Finance of the Russian Federation

Details: In the first four months of this year, Russia’s oil and gas revenues amounted to 2.3 trillion rubles, and non-oil and gas – 5.5 trillion rubles.

In total, for the period from January to April, the budget of the Russian Federation received 7.8 trillion rubles, which is 22% less than in the same period last year.

At the same time, Russia’s spending in January-April amounted to 11.2 trillion rubles, which is 26% more compared to the same period in 2022.

The Russian Ministry of Finance attributed the fall in oil and gas revenues to a decline in Urals oil prices and a reduction in gas exports.