Russia’s Revenue From Oil and Gas Almost Halved in February
- Budget’s proceeds from oil taxes fell 48% from a year ago
- Gas revenue declined 42% due to lower exports to Europe
This article is for subscribers only.
Russia’s oil and gas revenue almost halved in February after Western restrictions on crude and petroleum products took effect and gas exports to Europe fell.
Tax revenue from oil and gas plunged 46% in February from a year ago to 521 billion rubles ($6.91 billion), the Finance Ministry said on Friday. Proceeds from crude oil and petroleum products — which accounted for over two thirds of energy tax revenue last month — fell by 48% to 361 billion rubles, according to Bloomberg calculations.