Russian oil and gas revenues down by 52% in January-April 2023

Russia’s oil and gas revenues plummeted by 52% year on year in the first four months of this year, totaling 2.3 trillion rubles ($30.2 billion), according to the Russian Ministry of Finance on Wednesday.

The ministry attributed the revenue decline during the January–April period to ‘the drop in Urals oil blend prices and the contraction of natural gas export volumes.’

The overall budget deficit during the same period stood at 3.4 trillion rubles, the ministry said, adding that the total budget revenue also dropped by 22% to 7.8 trillion rubles compared to the same period last year

• Natural gas export