Slumping energy revenues and soaring expenditures pushed Russia's federal budget to a deficit of 1.76 trillion rubles ($24.78 billion) in January amid Western sanctions and the cost of the war in Ukraine. The Finance Ministry said on February 6 that oil and gas revenues were 46.4 percent lower in January than in the same month last year. Overall revenue for the month was down 35.1 percent, while spending was 58.7 percent higher. The ministry cited lower prices for Russian oil and lower volumes of natural gas exports as the primary reasons. Sanctions have forced Moscow to sell oil and gas at a discount. To read the original story from Reuters, click here.
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