Russian Oil Revenues Plunge to Five-Year Low on Sanctions, Ruble

The Russian government’s oil revenues collapsed to the lowest in more than five years in January as weaker global prices, steeper discounts for the nation’s barrels, and a stronger currency took a toll on the budget.

Oil-related taxes halved to 281.7 billion rubles ($3.7 billion) last month from a year earlier, according to Bloomberg calculations based on finance ministry data published Wednesday. Combined oil and gas revenue also declined by 50%, to 393.3 billion rubles.