"Russia\u2019s oil and gas revenues slump 46% year-over-year"

" Russia\u2019s oil and gas revenues slump 46% year-over-year \r\n\r\nRussia\u2019s budget revenues from oil and gas plunged in January by 46% compared to the same month last year due to the sanctions on Russian oil exports, which led to a slump in the price of Russia\u2019s flagship crude grade.\r\n\r\nRussian budget revenues from energy sales \u2013 including taxes and customs revenues \u2013 plummeted last month to the lowest level since August 2020, according to data from its finance ministry compiled by\u00a0 Reuters .\r\n\r\nIn January 2023, the price of Russia\u2019s flagship Urals grade averaged 42% lower than in the same month of 2022, as its discount to Brent Crude grew wider following the EU embargo and the G7 price cap, which came into effect on December 5. The average price of Urals in January, at $49.48 per barrel, was 1.7 times lower than in January 2022, when it averaged $85.64 per barrel, Russia\u2019s Finance Ministry\u00a0 said \u00a0earlier this week.\r\n\r\nRussia calculates the export duty due to the budget based on the price of Urals. This has been reducing its revenues due to the wide discount of Urals to Brent, which has swelled to nearly $40 per barrel at times.\r\n\r\n Brent Crude \u00a0was trading at around $82 a barrel early on Friday, while Urals, per Reuters estimates, was at around $53.60 per barrel.\r\n\r\nRussia\u00a0 is considering \u00a0taxing its oil firms based on the price of Brent \u2013 instead of Urals \u2013 to limit the fallout on the Russian budget revenues due to the widening discount of Urals to Brent, Russian daily Kommersant\u00a0 reported \u00a0on Friday, quoting sources.\r\n\r\nRussia is looking at ways to reduce the steep discount on Urals and to stabilize its oil revenues. At the end of January, Russian President Vladimir Putin ordered the government to submit within a month proposals to change the methodology for calculating the taxes from oil, Kommersant\u2019s sources said.\r\n\r\nThe EU oil ban and price cap are costing Russia an estimated $174 million (160 million euros) per day due to the fall in shipment volumes and prices for Russian oil, Finland-based Centre for Research on Energy and Clean Air (CREA) said in a\u00a0 report \u00a0last month. The revenue losses are expected to rise to $304 million (280 million euros) per day with additional measures that are being implemented as of February 5, according to CREA."

"Russia\u2019s oil and gas revenues slump 46% year-over-year"

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