The Central Bank of the Russian Federation reported that this happened due to a deterioration in the price environment and a reduction in oil export volumes against the backdrop of the tightening of sanctions, the development of supply chains and financial flows .
The income of the largest oil and gas company in Russia in January-September 2023 decreased by 41%. The Central Bank of the Russian Federation announced this in its Financial Stability Review on November 30, The Moscow Times wrote.
“This happened due to a deterioration in the price environment and a decrease in the volume of oil exports amid the tightening of sanctions, the development of supply chains and financial flows,” said the analysis.
As noted by the Central Bank, in the first nine months of 2023, oil export volumes through the Transneft system decreased by 8%, and the average price of Ural grade decreased by 26%. It is reported that this year, on average, each barrel was exported at $59.54, and last year – at $80.58.
In January-September 2023, Russia’s largest oil and gas exporter reduced its net sales of foreign currency by 58%, which “had an impact on the balance of supply and demand for currency in the domestic market,” the sources added. -author of the analysis.
The “weak link,” according to the Central Bank of the Russian Federation, is Gazprom, which has lost the European market. After losing most of its customers in the EU, the company suffered more than a trillion rubles in net losses and was forced to reduce production by a quarter compared to the pre-war period. For the first nine months of 2023, Rosneft reported an 8% drop in revenue, to 6.612 trillion rubles.
It was previously reported that Russian Gazprom cut gas production by 25% in the first half of the year. Gazprom explained that the 24.7% decrease was due to the adoption in some countries of “politically motivated decisions aimed at refusing to import Russian gas.”
In November, the media reported that Russian Gazprom had almost split gas supplies in Europe.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.