Russia’s Oil Revenues Plunged By 48% In February

Russian tax revenue from crude oil and petroleum products plummeted by 48% in February from a year earlier due to the much lower price of Russia’s flagship crude grade after the EU banned imports of Russian oil, according to Bloomberg estimates based on official Russian data. Total tax revenues from oil and natural gas dipped by 46% year over year to $6.9 billion (521 billion Russian rubles) in February, per data from the Russian Finance Ministry published on Friday. Russia’s revenues from crude oil and oil products alone crumbled by…