Russia's Revenue Slump: Oil and Gas Earnings Halved

Russian state oil and gas revenue halved in January compared to the previous year, hitting its lowest since July 2020. This decline to 393.3 billion roubles is attributed to lower crude prices and a stronger rouble. December's revenue had also decreased from 447.8 billion roubles.

Russia's oil and gas revenue saw a significant decline, halving in January to its lowest level since July 2020, according to the finance ministry's latest figures released on Wednesday.

The revenue reached 393.3 billion roubles ($5.10 billion), impacted by falling crude prices and a strengthening rouble.

Last month's budget revenue also saw a decrease from December's earnings of 447.8 billion roubles, highlighting the ongoing financial challenges faced by the sector. Currently, $1 translates to 77.1000 roubles.