Russia's revenue falls sharply in January from year earlier
Russia’s finance ministry says budget revenue in January was 35% lower compared with the same month in 2022
By AP News
Published - Feb 06, 2023, 12:04 PM ET
Last Updated - Jun 22, 2023, 11:08 PM EDT
MOSCOW (AP) — Russia's finance ministry said Monday that budget revenue in January was 35% lower compared with the same month in 2022, the last month before Russia sent troops into Ukraine.
The ministry also said the budget deficit for January was 1.77 trillion rubles ($23.9 billion), about 60% of the shortfall that had been planned for the entire year.
Oil and gas revenue, the backbone of Russia's economy, was down 46% compared with January 2022.
Western countries have declared a $60-per-barrel price cap on Russian crude oil as well as ceilings on refined oil products like diesel fuel and gasoline.
