Russia hits budget deficit of $25bn

A dramatic slump in oil and gas revenue has contributed to Russia’s biggest January budget deficit for over 20 years


RUSSIA TAX REVENUE FROM OIL AND GAS (billions of rubles)

Covid-19 pandemic begins

Russia invades Ukraine 

G7 members set price cap on Russian oil

Jan 2023: Urals crude averaged $49.48 per barrel, compared to average Brent benchmark price of $77.82 per barrel

2,000				1,812.4
1,500
1,000			971.7		931.5
500	615.9					426.0
0		214.2

Jan 2020	Jan 2021 	Jan 2022	Jan 2023


46% Fall in Russian oil and gas revenue in Jan 2023, compared to Jan 2022

59% Increase in spending resulting from invasion of Ukraine

January budget deficit: 1.76 trillion rubles ($25bn)
    

WHO IS SANCTIONING RUSSIA (since Feb 2022)
                                           
U.S. 1,874
Switzerland 1,609
Canada 1,536
UK 1,414
EU 1,389
France 1,323 
Australia 936 
Japan 880
           

Sources: Bloomberg, Castellum.AI 
Illustration sources: Getty Images, Newscom 
© GRAPHIC NEWS