According to official numbers released on Friday, Russia’s oil and gas income fell by 47% in the first half of 2023 compared to the previous year.
According to a Finance Ministry study, the drop is due to reduced oil and gas prices as well as a decrease 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),” according to the ministry.
The United States, the European Union, the United Kingdom, Canada, Japan, and Australia set a $60 per barrel price ceiling on seaborne shipments of Russian oil in December, and the ban was increased to petroleum products in February.