Of Russia's revenues in 2024, revenue from oil and gas sales will increase by more than 26% to 11.13 trillion rubles ($108.22 billion).
Oil and gas revenues are Russia’s most important source of cash, accounting for about a third to half of all federal budget receipts over the past decade, Reuters noted. Weaker oil prices and lower gas exports are expected to reduce revenues by 24% in 2023.
Also related to Russian oil, Reuters reported that on January 13, the Kremlin said that the latest round of US sanctions on Russia's energy sector risks destabilizing global markets and Moscow will do everything possible to minimize the impact of these sanctions.
"It is clear that the United States will continue to try to undermine the positions of our companies in uncompetitive ways, but we hope to be able to counter this," Kremlin spokesman Dmitry Peskov said.
According to Mr. Peskov, the US sanctions against Russia "cannot but lead to certain instability in the energy market, the international oil market". He affirmed that Russia will closely follow developments and have ways to respond to minimize the consequences of sanctions.
The US Treasury Department imposed sweeping sanctions on Russian oil on January 10, targeting producers Gazprom Neft and Surgutneftegaz, as well as 183 vessels that have transported Russian oil.
The move is aimed at cutting off Russia’s revenue amid the conflict in Ukraine. A US official said the sanctions could cost Russia billions of dollars a month if fully implemented.
US sanctions on Russia have prompted Chinese and Indian refiners to look for alternative crude supplies. Many of the tankers affected by the latest sanctions are used to transport oil from Russia to China and India.
Experience shows that it is impossible to cut off natural energy supply routes, Mr. Peskov said.
"When you block in one place, an alternative will appear elsewhere. Therefore, we will look for options to minimize the consequences of sanctions," he said.
