OREANDA-NEWS  Russia's revenues from oil and gas exports in January fell by 38% to $18.5 billion compared to $30 billion received in January 2022, Reuters writes.

Fatih Birol, executive director of the IEA, told that Western sanctions against Russian energy carriers have achieved their goals — they have stabilized oil markets and reduced Moscow's oil and gas revenues. "We expect that the decline in [Russia's] oil and gas revenues will be more dramatic in the coming months. And even sharper in the medium term, due to the lack of access to technology and investment," Birol said.

The agency recalls that in 2022, Moscow's oil and gas revenues amounted to about 11.6 trillion rubles ($154.68 billion). In this regard, Russia, in order to finance budget expenditures, "was forced to start selling international reserves" in order to cover the deficit that grew against the background of its "special operation"* in Ukraine, Reuters points out.