Page 104 - RusRPTApr23

6.1.1 Budget dynamics - results
CBR says Russia’s foreign debt falls to $380.5bn in 2022.
Russia's oil export revenues have roughly halved in the space of a year while its oil exports have remained largely unchanged, suggesting Western sanctions are having the desired effect of cutting Moscow's income without restricting global oil flows, the International Energy Agency said Wednesday.
In February, Russian oil exports fell by 500,000 barrels to 7.5mn barrels a day after a particularly good month for Russian oil exports in January, as diesel and other refined oil products were rushed out of Russia before sanctions came into effect.
While the drop took Russia's oil exports back to average levels for the year, the income it earned on them slumped to an estimated $11.6bn, the IEA said, $2.7bn less than the previous month and roughly half the $22.1bn Moscow was earning on its oil exports in March 2022, immediately after the outbreak of war in Ukraine.
According to a preliminary estimate, the volume of federal budget revenues in January-February 2023 amounted to 3,163bn rubles, which is 25% lower than the volume of revenues in January-February 2022, the Ministry of Finance (MinFin) said in a press release on March 6.
104 RUSSIA Country Report Russia April 2023 www.intellinews.com