Tags: Russia | Budget

Russia's Revenue Falls Sharply in January from Year Earlier

Monday, 06 February 2023 01:00 PM EST

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.

Russia has said it won’t sell oil to countries observing the limit, but the cap and falling demand from a slowing global economy has meant customers in China, India and elsewhere can buy Russian oil at steep discounts, cutting into the Kremlin’s revenue.

The country also has been hit with an array of Western sanctions since the start of the Ukraine conflict and many Western companies have stopped doing business in Russia.

© Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


GlobalTalk
- 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),...
Russia,Budget
172
2023-00-06
Monday, 06 February 2023 01:00 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved