Page 79 - RusRPTSept23

However, despite the recent surge in revenue, it's essential to note that Russia's oil-related earnings still experienced a decline of more than 20% in comparison to the same period the previous year, as highlighted by the IEA. The significance of oil revenue for Russia's state coffers cannot be underestimated, especially in light of the country's ongoing financial challenges resulting from its involvement in the conflict in Ukraine and the imposition of Western sanctions.
As the global oil landscape continues to evolve and geopolitical dynamics play a crucial role in shaping energy markets, Russia's ability to navigate these challenges and capitalize on market opportunities remains a subject of both domestic and international interest.
RUSSIA Country Report September 2023 www.intellinews.com