"It's the result of new punitive measures from the U.S. and the European Union, U.S. President Donald Trump's tariff pressure against India, and a tightening crackdown on the fleet of sanctions-dodging tankers carrying Russian oil. The drop in revenue is pushing President Vladimir Putin to borrow from Russian banks and raise taxes, keeping state finances on an even keel for now."
"In January, Russian state revenues from taxing the oil and gas industries fell to 393 billion rubles ($5.1 billion). That's down from 587 billion ($7.6 billion) in December and from 1.12 trillion ($14.5 billion) in January 2025. That's the lowest since the COVID-19 pandemic, says Janis Kluge, an expert on the Russian economy at German Institute for International and Security Affairs."
New punitive measures from the U.S. and EU, U.S. tariff pressure on India, and a tighter crackdown on sanctions-dodging tankers have cut Russia's oil and gas cash flows. January state revenues from taxing the oil and gas industries fell to 393 billion rubles ($5.1 billion), down from 587 billion in December and 1.12 trillion in January 2025, the lowest since the COVID-19 pandemic. The revenue decline is forcing the government to borrow from Russian banks and raise taxes to stabilize finances. Those fiscal measures are increasing strains on a war economy already facing slowing growth and persistent inflation.
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