Russia has admitted “problems” with oil and gas revenues that have fallen to their lowest levels in years, underscoring the impact of western restrictions on Moscow’s primary engine for funding its war in Ukraine.
Finance minister Anton Siluanov acknowledged issues during a public video conference with President Vladimir Putin on Wednesday, blaming “all these discounts” in explaining why energy revenues fell by more than 50 per cent in the first quarter of this year.
“Russia’s non-energy revenues are on track for growth as planned, with the potential for a small surplus by year-end, but there is a problem with energy revenues,” said Siluanov.
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