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WORLD NEWS | Russia’s income falls sharply in January from a year earlier

WORLD NEWS | Russia’s income falls sharply in January from a year earlier

The LATAM Airlines plane hit the vehicle on the runway (Image: Twitter / @AirCrash_)

MOSCOW, Feb. 6 (AP) – Russia’s finance ministry said Monday that budget revenue fell 35 percent in January compared with the same month in 2022, the last month before Russia sends troops to Ukraine.

The ministry also said the January budget deficit was 1.77 trillion rubles ($23.9 billion), about 60 percent of the planned deficit for the year.

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Revenues from oil and gas, the backbone of the Russian economy, fell 46% compared to January 2022.

Western countries have announced a price ceiling of US$60 per barrel for Russian crude oil and price ceilings for refined oil products such as diesel and gasoline.

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Russia has said it will not sell oil to countries that abide by the curbs, but caps and falling demand from a slowing global economy mean customers in China, India and elsewhere can buy Russian oil at deep discounts, cutting into Kremlin revenue.

The country has also come under a slew of Western sanctions since the conflict in Ukraine erupted, and many Western companies have stopped doing business in Russia. (Associated Press)

(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)

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