Russian oil and gas earnings were roughly halved in the first six months of 2023, according to new Finance Ministry data, as lower crude prices and limited European gas deliveries continued to cut into Moscow’s primary source of revenue.
From January through June of this year, Russian oil and gas revenues fell by a combined 47% compared to the same period in 2022 — down to just $37.4 billion for the first half of the year, according to new data published Wednesday by Russia’s Finance Ministry.Oil and gas revenues fell by slightly more than 26% in June compared to the previous year, according to the Finance Ministry data, which was less than in May, which saw a 36% drop year-on-year.
The first six months of 2023 were pivotal for Russia’s economy as many international sanctions and other restrictive measures came into force — including the oil price cap aimed at restricting Moscow’s war energy while also keeping its barrels on the market. Last month, the National Bureau of Economic Research urged coalition members to lower the Russian oil price cap to $45 per barrel, which it argued would dent Russia’s war revenue and keep it from amassing more illegal tankers.
Treasury Department officials have pushed back on the suggestion, arguing that the cap has been successful in achieving its twin goals. But it is unclear if Russia will cut production in the months ahead.
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