Sanctions in effect: oil and gas revenues of the Russian Federation fell by 45% in the first quarter
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According to the results of the first quarter of 2023, Russia’s oil and gas revenues fell by 45%, primarily due to the entry into force of the G7 sanctions on oil and oil products from the aggressor state.
This is stated in reporting Ministry of Finance of the Russian Federation.
Thus, in March 2023, revenues from trade in fuel and energy goods amounted to 688 billion rubles ($8.6 billion). The growth of incomes in March by 30% compared to the previous month is due, in particular, to the peculiarity of the payment of taxes by enterprises. In annual terms, revenues fell by 43% in a month.
According to the results of the first quarter of the year, the income of this group amounted to 1.6 trillion rubles (20 billion dollars). For comparison, last year in the first quarter of the Russian Federation received almost 3 trillion rubles (about 37 billion dollars). Thus, the drop in income is 45%.
In addition, since the beginning of the year, Russia has been actively selling currency and gold on the market: the volume of sales amounted to 334 billion rubles in the first quarter of 2023. Although the Russian Federation temporarily stopped publishing this data in March of last year, the aggressor acquired the equivalent of 1.2 trillion rubles in January-February of last year alone.
It should be noted that the sharp drop in income from energy commodities is due, among other things, to the introduction by the G7 countries of a price ceiling for oil, which is the main export product of the Russian Federation. On the part of the EU countries (from except for pipeline oil) and the USA has an embargo on the import of Russian oil (since December 5) and petroleum products (since February 5).
In addition, since the beginning of the full-scale war of the Russian Federation against Ukraine, partner countries, primarily the EU, refuse to purchase Russian gas, despite the absence of an embargo.
Read more in the article: “They haven’t seriously started anything yet.” Have the sanctions against Russia exhausted themselves?
We remind you:
Russia’s budget deficit jumped up in the first two months of the year, but spending is showing signs of slower growth amid the war in Ukraine.
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