Sanctions push Russia’s energy revenues to lowest level since 2020

Russia’s monthly budget revenues from oil and gas fell in January to their lowest level since August 2020 under the impact of Western sanctions on Russian exports, finance ministry data shows.

Monthly tax and customs revenue from energy sales was down 46 percent in the space of a year, according to the ministry.

Moscow relies on its multibillion-dollar earnings from oil and gas sales to fund its budget spending, and has been forced to start selling down some international reserves to cover the shortfall.