Russia's oil and gas revenues fell by 40% during the year of the war in Ukraine. Such data are provided by the International Energy Agency (IEA) based on the analysis of January statistics. Reuters refers to it.
The agency comes to the conclusion that Western restrictions have achieved their goal: Russia's revenues from the sale of hydrocarbons have fallen significantly, while the market situation in the world has not suffered – there is no shortage of supply. According to the IEA, in January 2023, Moscow's revenues from the sale of oil and gas fell by 38% compared to the same period in 2022, from $30 billion to $18.5 billion.
“We expect this decline in oil and gas revenues to be sharper in the coming months. And even tougher in the medium term due to lack of access to technology and investment,” IEA chief Fatih Birol told Reuters.
The agency notes that oil and gas revenues are one of the most important sources of replenishment for the Russian budget. Last year, the IEA estimates oil and gas revenues at 11.6 trillion rubles ($154.68 billion), but this was not enough, and the authorities had to spend reserves to cover the budget deficit caused by the war in Ukraine.
The IEA assesses the European prospects much better, the agency praises the EU for the measures taken: reducing gas consumption, promptly searching for alternative suppliers to the Russian Gazprom, as well as increasing capacity from renewable energy sources. However, the IEA acknowledges that risks for Europe still remain. The IEA calls China the main risk for the EU's energy security, which in 2023 may sharply increase gas consumption, which, in turn, may provoke a new round of the energy crisis.