Russia’s Oil and Gas Revenues Are Set to Plunge 46% in January

Group 1 - Russia's budget revenues from oil and gas are projected to decline by 46% year-on-year this month, amounting to approximately 420 billion rubles or $5.42 billion, influenced by lower international oil prices and a stronger ruble [1][2] - The oil and gas sector contributes about 25% to Russia's total budget revenues, making it a significant target for Western sanctions aimed at undermining Russia's military funding in Ukraine [3] - The federal budget is expected to receive around $120 billion in revenues from the oil and gas industry this year, an increase from $110 billion last year, despite a 24% decline from the previous year [4] Group 2 - The decline in revenues has been exacerbated by U.S. sanctions targeting major crude oil exporters in Russia, leading to a shift in clients for Rosneft and Lukoil to other energy trading companies [5]