Russia loses big part of its oil revenues

Russia's oil revenues collapse

Russia's revenues from the sale of Russian crude oil abroad plummeted by 40.8 percent in 2020 compared to 2019, the Federal Customs Service said.

Russian companies received $72.3 billion from oil sales, which amounted to 59.2 percent of the revenues from the previous year.

  • In physical terms, Russia exported 11.4 percent as less raw materials than in the previous year.
  • The export of petroleum products in monetary terms fell by 32.3 percent (to $45.3 billion), and in physical terms - by 0.8 percent (to 141.7 million tons).

Revenues from the export of hard coal last year decreased by 22.5 percent (to $12.389 billion). Russia's exports of electric power decreased 1.65 times. Companies' revenues from the sale of gasoline dropped by 23.7 percent, but the volume of its exports increased by 12.4 percent.

Earlier it was reported that residents of the city of Khabarovsk, where there was a shortage of gasoline and diesel fuel, started selling places in lines to gas stations. Some started selling fuel on the Internet, at a price almost twice as high as the market level. In mid-January, gasoline production in the Khabarovsk region stopped due to technical problems, which led to a shortage of fuel

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Author`s name Editorial Team