RUSSIAN Oil & Gas Revenue Falls 55% & Economy Posts More Losses as Sanctions Crush Russian Economy
Video Summary
Russia has posted its official economic data for January 2024, revealing a significant decline in oil and gas revenue, with a 55% fall compared to 2021. This is largely due to the effects of Western sanctions on Russia’s ability to sell oil and gas to other countries. However, Russia’s non-oil and gas revenue has increased, driven by initiatives to boost the production of equipment and facilities for use in the war in Ukraine. This shift has led to a dramatic increase in non-oil and gas revenue, now accounting for 2/3 of total revenue. However, this comes at a cost, with Russia posting a net loss in January and funding this loss from its national wealth fund. The long-term implications for the Russian economy are concerning, with the country’s dependency on non-oil and gas revenue increasing its vulnerability to economic shocks. If the war in Ukraine were to end, Russia’s economy could severely contract, leaving it facing a deep economic crisis.
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