Due to Western sanctions and the introduction of a price ceiling, Russia's revenues from oil and gas exports fell by almost 40% in January compared to January of last year, Reuters reports with reference to data from the International Energy Agency (IEA).

According to the IEA data reviewed by the agency, in January 2023 Russia's revenues from oil and gas exports amounted to 18.5 billion dollars.

This is 38% less than the 30 billion dollars that Moscow received a year earlier, a month before the invasion of Ukraine.

According to the executive director of the IEA, Fatih Birol, the reason was the Western sanctions against the export of Russian energy sources to reduce Russia's income, which helps it to continue the war in Ukraine.

Western measures "achieved their goal in stabilizing the oil markets and reducing Moscow's income from oil and gas exports," Birol said.

The IEA expects "that this decrease in revenues from oil and gas will be sharper in the coming months.

And even steeper in the medium term due to the lack of access to technologies and investments."

  • The price ceiling for Russian oil (not higher than 60 dollars per barrel) agreed by the countries of the Group of Seven, the European Union and Australia became effective on December 5.

    From February 5, price ceilings for Russian oil products began to operate.

  • Since February 1, Russia has introduced a ban on oil supplies to "unfriendly" countries that have imposed a price ceiling on it.

  • According to Reuters estimates, in 2022 Russian gas supplies to Europe will decrease by almost 46% compared to the previous year and reach the lowest values ​​since 2000.

  • After the invasion of Ukraine, Russia stopped gas supplies to a number of European Union countries, others refused Russian gas themselves.

    Also, the decrease in exports was affected by the accident at "North Streams".

  • The Kremlin, which last year earned about 146 billion euros from the sale of oil and gas, was forced to start selling international reserves this year to cover the budget deficit, Reuters notes.

  • At the beginning of February, the Ministry of Finance of Russia reported that in January Russia's income from the sale of oil and gas decreased by 46% compared to the same period last year.

    The Russian Ministry of Finance cited the drop in oil prices as one of the reasons.

    According to the Bloomberg agency, Russian Urals oil is traded at half of world prices - less than 38 dollars per barrel.