Russia’s revenue falls sharply in January from year earlier

MOSCOW (AP) — Russia’s finance ministry says budget revenue in January was 35% lower compared with the same month in 2022. That’s the last month before Russia sent troops into Ukraine. The ministry also said Monday that the budget deficit for January was 1.77 trillion rubles ($23.9 billion), about 60% of the shortfall that had been planned for the entire year. Oil and gas revenue, the backbone of Russia’s economy, is down 46% compared with January 2022. Western countries have declared a $60-per-barrel price cap on Russian crude oil as well as ceilings on refined oil products like diesel fuel and gasoline.