Russia’s Oil And Gas Revenues Are In Decline

Russia’s current account surplus hit a record last year as imports fell with the sanctions while the value of exports surged as commodity prices soared in the wake of the Russian invasion of Ukraine.   However, as 2022 progressed, Russia saw its current account surplus drop quarter on quarter after a quarterly record in Q2 as Moscow choked pipeline gas exports to Europe while buyers of its oil were asking for steep discounts to purchase Russian crude grades.   Russia’s revenues from oil and gas were very high in…