RUSSIAN Oil & Gas Collapses. Sanctions Continue to Reduce Russian Revenue as War Expenditure Soars
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The Russian economy is still struggling, despite the recent increase in oil prices. The country’s oil and gas revenues have fallen 41% compared to 2021, the last year unaffected by the war in Ukraine. However, the increased revenue from non-oil and gas sources has helped to offset this loss. In the first two months of 2024, Russia earned 1.6 trillion rubles, or $17.5 billion, from oil and gas, compared to 2.8 trillion rubles, or $367 billion, in the same period in 2021.
The country’s total revenue has increased by more than 30% compared to 2021, but this gain is largely due to the war effort. Russia is spending a fortune to finance its military operations in Ukraine, which is creating a bubble in the economy. The government is paying companies to produce goods and equipment for the war, which is generating revenue, but this is not sustainable in the long term. The country’s economy is still experiencing a net loss, and the long-term prospects look bleak.
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