Russia’s revenue from oil and gas exports fell nearly 40% year-on-year in January, reflecting the pressure from Western sanctions the country has felt.
This was reported by the International Energy Agency.
According to the IEA, Russia’s oil and gas exports brought in $18.5 billion in January, down 38% from $30 billion in January last year.
This suggests that Western sanctions are having the intended effect on the Russian economy. Apparently EU bans and the $60 price cap for Russian oil, set at the end of 2022, played a particular role.
“We expect oil and gas revenues to fall more sharply in the months ahead. And even more acute in the medium term due to a lack of access to technology and investment,” IEA chief Fatih Birol told Reuters.
