There are sanctions. Significant drop in Russia’s revenues from oil and gas exports

The International Energy Agency (IEA) announced how much - in connection with Western sanctions and the introduction of price ceilings - in January of this year. Russia’s revenues from oil and gas exports have fallen.

Russia’s revenues from oil and gas exports have fallen by almost 40 percent.

According to the IEA, Moscow’s revenues from oil and gas exports in January amounted to $18.5 billion. This is 38 percent. less than in the same period last year, just before Russia’s attack on Ukraine. According to the website biznesalert.pl, according to the Russian Ministry of Finance, the decline in revenues was 46 percent.

IEA Executive Director Fatih Birol, quoted by Reuters, stresses that Western sanctions on Russian exports have achieved their goal of stabilizing oil markets and reducing Russia’s revenue from oil and gas exports. “We expect the decline in oil and gas revenues to be more significant in the coming months. And even more so in the medium term due to lack of access to technology and investment - anticipates the Executive Director of the IEA.

The agency is calling for further savings in energy and gas in the West, which may be necessary given the risk of competition for gas from outside Russia with buyers in China and a complete shutdown of supplies from Russia that still go through Ukraine and Turkey.

Recall that on Feb. The EU embargo on oil products, including finished fuel from Russia, came into force. The EU embargo on the import of finished fuel from Russia is another, after the introduction on December 5 last year. an embargo on Russian oil and the entry into force of a US$60 cap on the price of Russian oil transported by sea agreed by the EU, the G7 and Australia. per barrel.