MOSCOW
Russia’s oil and gas revenues dropped by 47% in the first half of 2023 compared with the previous year, official figures revealed on Friday.
According to a report by the Finance Ministry, the fall is linked to lower oil and gas prices and a reduction 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)," the ministry said.
In December, the US, EU, UK, Canada, Japan, and Australia imposed a price cap of $60 per barrel on seaborne supplies of Russian oil, and in February, the cap was expanded to petroleum products.
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