Falling oil and gas revenues are particularly problematic for Russia’s budget. According to the ministry’s preliminary calculations, these revenues have fallen by almost half. This situation is mainly due to the fall in oil prices and the reduction in gas exports.
A barrel of Brent from the North Sea, important for the price at the pump here – for delivery in May cost 85.33 dollars on Monday morning. Due to Russia’s invasion of Ukraine, Western industrialized countries introduced a price cap on Russian oil and also on oil products from Russia. Due to this cap, oil from the Russian brand Ural is trading at a steep discount: according to the media, Moscow sells this oil for an average of 50 dollars a barrel.
