Share :

Download PDF :

Politico (9 January 2023)

BY VICTOR JACK

Sanctions, falling prices for oil and natural gas and sinking demand for Russian hydrocarbons — tainted by Moscow’s invasion of Ukraine — will hammer the Kremlin’s coffers this year and could see the country's massive sovereign wealth fund take a major hit.

Oil and gas export revenues accounted for 45 percent of Russia’s government budget last year. Despite sanctions and efforts to ditch Russian energy, it raked in €155 billion from oil and gas exports in 2022 — 30 percent higher than the previous year — preliminary data shows. 

But Russia's windfall profit honeymoon is over, experts say.

Click for more