Due to sanctions and low oil prices, Russian revenues fell to $12.6 billion in December 2022. This means that the Russian Federation lost about $3 billion in just one month.
This is stated in the report of the International Energy Agency (IEA).
After the collapse of exports due to the EU embargo on crude oil, which took effect on December 5, and the introduction of a price limit from the G7, exports from Russia partially began to recover. But in December, Russian oil exports decreased by an average of 200 000 barrels per day to 7.8 million barrels per day.
Oil exports from Russia increased by just under 5% last year, even though prices were much lower.
"Petroleum products markets, especially diesel, are at the most risk as demand growth resumes," the report said. Sanctions against Russian oil products will start on February 5.
According to the IEA, in December, Russia exported a record 1.2 million barrels of diesel fuel per day, of which 60% was destined for the EU.
- In Russia, the budget deficit for 2022 has become one of the largest in history. It reached 3.3 trillion rubles ($47 billion). And oil supplies from Russia in December fell to the lowest level for the entire year 2022. This was caused by EU sanctions on the import of Russian oil and the introduction of a price limit.