The ministry also said the budget deficit for January was 1.77 trillion rubles ($23.9 billion), about 60% of the shortfall that had been planned for the entire year.
Oil and gas revenue, the backbone of Russia’s economy, was down 46% compared with January 2022, AP reports.
Western countries have declared a $60-per-barrel price cap on Russian crude oil as well as ceilings on refined oil products like diesel fuel and gasoline.