Russian oil and gas earnings falls almost 40%

International Energy Agency figures recommend cost cap and sanctions beginning to bite released : 28 Feb 2023 at 20: 58 Flue gas and steam increase from chimneys and smokestacks of an oil refinery at sundown in the Siberian city of Omsk, Russia, on Feb 8. (Photo: Reuters) STOCKHOLM: Russia’s incomes from oil and gas exports dropped by almost 40% in January as rate caps and Western sanctions squeezed the continues from Moscow’s most rewarding export, the International Energy Agency (IEA) stated on Tuesday. The nation’s oil and gas export profits were $18.5 billion in January, 38% lower than the $30 billion Moscow got in January 2022, a month priorto its intrusion of Ukraine, according to IEA figures shared with Reuters. IEA executive director Fatih Birol stated Western steps targeting Russian energy exports had attained their intends of stabilising oil markets and lowering Moscow’s incomes from oil and gas exports. “Our expectation is that this oil and gas earnings decrease will be
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