Russia’s Oil and Gas Revenues Set to Plunge 50% to Five-Year Low

Falling oil prices and strengthening Russian currency are set to slash Russia’s oil and gas revenues by nearly 50% in December from a year earlier, to the lowest level since August 2020, according to Reuters calculations.  Revenues for the state from oil and gas are set to reach $5.15 billion (410 billion Russian rubles) this month, nearly halved from December last year, and the lowest in over five years. The last time Russia had this roughly level of oil and gas revenues, at $5.1 billion (405 billion rubles), was in August 2020, when…