Russian Budget’s Oil Revenue in January Close to One-Year Low
An oil drilling platform and a pumping jack at a drilling site near Almetyevsk, Russia
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Russia’s proceeds from oil in the state budget in January were near a one-year low due to weaker global crude prices and higher payouts to the nation’s refiners.
The figures don’t yet reflect the impact of sweeping US sanctions imposed on Russia’s oil industry last month, as the finance ministry calculated the oil money flows based on December production and prices. In January, as President Joe Biden was leaving the White House, his administration imposed the most aggressive restrictions yet on Russia’s oil industry, seeking to curb revenue that’s critical for funding the Kremlin’s war against Ukraine.