Russia’s oil and gas sales revenue in March was 38% lower than expected due to sanctions


Russia’s revenue from oil and gas sales in March was 488 billion rubles (rmb37.103 billion), 302 billion rubles (RMB229.61 billion) less than expected, or about 38 percent less than expected, according to data released by the Russian Finance Ministry on April 5.According to business Insider on April 5, Russia’s revenue from oil and gas sales was much lower than expected in March.Earlier, Russia’s Finance Ministry forecast on March 3 that the country would earn about 790 billion rubles from oil and gas sales in March.However, the actual revenue was about 488 billion rubles.According to Business Insider, this suggests the Kremlin is underestimating the impact of the conflict with Ukraine.Russia’s finance ministry expects to earn 798.4 billion rubles from energy sales in April as oil prices remain high.With some of its foreign exchange and gold reserves frozen, Russia needs cash to pay principal and interest on its debt.Russia exported 15.3 billion cubic meters of gas outside the former Soviet Union, its main source of export revenue, in March, compared with 11.8 billion cubic meters in February, according to Reuters calculations based on preliminary data from Gazprom.Russia is Europe’s largest natural gas supplier and the world’s second-largest oil exporter after Saudi Arabia.According to statistics, About 40% of Europe’s natural gas is supplied by Russia, and Europe will import about 155 billion cubic meters of gas in 2021.However, since the outbreak of the conflict in February, some Western countries have abandoned Russian energy imports.Russia’s latest sovereign bond coupon payments have been suspended after the US blocked the government from accessing its foreign exchange reserves held in US banks, raising the risk of a historic default, reports said.In addition, according to CCTV news, the European Union and the United States announced on April 5 that they would put forward a new round of sanctions against Russia, including a ban on coal imports from Russia.Russia imposed a “ruble settlement order” for gas on April 1, requiring “unfriendly countries” to pay for gas in rubles, but many European countries refused to accept it.Lithuania’s energy Ministry said on Thursday it would no longer import gas from Russia, becoming the first EU country to completely cut off Russian gas imports.In 2021, a quarter of Lithuania’s gas supply will come from Russia, according to Amber Grid, a Lithuanian pipeline operator.Lithuania’s energy minister, Dainius Kreivys, said the country would fill the gap by importing liquefied natural gas from the US and Norway, Bloomberg reported.The German government will take temporary custody of Gazprom Germania, the German subsidiary of Russian gas giant Gazprom, the economy ministry said Tuesday.Previously, Germany announced on February 22 local time that it would temporarily suspend the approval process for the Nord Stream 2 gas pipeline project amid the escalation of the conflict between Russia and Ukraine.Energy giant Shell said on March 8 that it would stop buying Russian oil and gas, close its gas stations in The country and suspend aviation fuel supplies and other operations.According to Business Insider, western sanctions on Russia could wipe out 15 years of economic growth, virtually shut the country out of the global financial system, cause exports and imports to plummet and cause inflation to soar.(This article is from thepaper.cn. For more original news, please download thepaper.cn APP.)

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