Russia Feels the Bite of Western Sanctions as Energy Revenues Plunge to Lowest in Two Years

A vessel carrying liquefied natural gas (LNG) cargo from Russia's Yamal LNG project at Rudong LNG Terminal in Nantong, Jiangsu Province, China, on July 18, 2018. Stringer/Reuters

Revenue from energy fell to its lowest level in over two years in Russia as the country continues to be pressured under Western sanctions for its invasion of Ukraine, with Moscow’s federal budget revenues seen to be declining on an annual basis.

“Oil and gas revenues amounted to 426 billion rubles ($6.02 billion) and decreased by 46 percent compared to January 2022, which is primarily due to a decrease in quotations for Urals oil and a decrease in natural gas exports,” a Feb. 6th press release from the Russian ministry of finance stated. This is Russia’s lowest monthly budget revenues from oil and gas since August 2020.