Yahoo Finance Russia's oil and gas revenue reportedly tanked in February as price caps and sanctions ate into export earnings
Russia's revenue from oil and gas exports almost halved in February of this year, Bloomberg reported.
Price caps and sanctions imposed by Western countries have eroded Moscow's energy earnings.
The tax revenue Russia collects from selling oil and gas sank 46% in February from a year earlier.
Russia's energy revenues almost halved last month as gas exports to Europe fell and price caps and sanctions imposed by Western countries eroded Moscow's earnings.
The tax revenue the country collects from selling its oil and gas sank 46% to $6.91 billion in February from a year earlier, according to a Friday report by Bloomberg, citing the country's finance minister.
Two-thirds of the country's energy tax revenue in February came from sales of Russia's crude oil and petroleum products, which plunged by 48% to $4.78 billion, per Bloomberg estimates.
The drop in oil and gas contributions to Russia's budget comes after Urals crude prices fell significantly over the past year versus the global Brent benchmark, slipping from $95 a barrel on the day of Moscow's Ukraine invasion to levels less than $60 at last check.
It's a sign Western sanctions are having their intended impact on Russia's economy. The G7 group of countries imposed a $60 per barrel price cap on Russian crude last year, in a bid to reduce Moscow's energy revenues that could be used to fund the war in Ukraine.
The Russian economy has been battered by sanctions over the past year, with its war on Ukraine triggering a barrage of trade restrictions from Western nations and European buyers shifting away from Russian gas and oil imports.
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