In April, Russia’s oil and gas revenue is set to nearly double compared to the previous year, reaching $14 billion due to increasing prices, according to Reuters calculations. This underscores the challenges Western nations encounter as they aim to curb Kremlin income and weaken its military capabilities.
The war in Ukraine has prompted the West to impose multiple sanctions aimed at limiting Russian earnings from oil and natural gas, which represent about a third of the country’s federal budget.
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The measures also included restrictions on Russian oil markets, financial transactions, and shipping, as well as a price cap of $60 per barrel.
The anticipated surge in Russia’s oil revenue for April surpasses the projected 30% increase for the entire year of 2024 in percentage terms. According to Reuters calculations, Russia’s expected oil and gas revenue for April is 1.292 trillion rubles ($14 billion), compared to 648 billion rubles in April 2023, with a slight decrease from the 1.308 trillion rubles recorded last month.