Russian oil and gas revenue falls nearly 40%

Flue gas and steam rise from chimneys and smokestacks of an oil refinery at sunset in the Siberian city of Omsk, Russia, on Feb 8. (Photo: Reuters)

STOCKHOLM: Russia’s revenues from oil and gas exports dropped by nearly 40% in January as price caps and Western sanctions squeezed the proceeds from Moscow’s most lucrative export, the International Energy Agency (IEA) said on Tuesday.

The country’s oil and gas export revenues were $18.5 billion in January, 38% lower than the $30 billion Moscow received in January 2022, a month before its invasion of Ukraine, according to IEA figures shared with Reuters.