Russia's oil and gas revenues increased by 9.9% in February compared to the previous month, reaching 432 billion rubles ($5.5 billion), Finance Ministry announced on Thursday.
The ministry noted that the rise in the country's energy export revenues was driven by higher oil prices.
According to the statement, although revenues rose by 9.9% compared to January, the oil and gas sector experienced greater-than-expected revenue losses overall.
While Western countries have imposed comprehensive sanctions on Russia's oil and gas sector, Russia has been seeking to increase its share in alternative markets, particularly in Asia, for energy exports.
The G7 and European Union (EU) countries implemented a ban on maritime imports of Russian oil and set a $60 per barrel price cap, effective December 5, 2022.
Under this framework, if Russian oil is sold to third countries above the established price, companies in G7 and EU countries cannot provide various services for this oil, including shipping, insurance, and brokerage. Such services can only be provided if Russian oil is traded below the price cap.
The price cap was lowered to $47.6 per barrel in July 2025.
Reporting by Emre Gurkan Abay in Moscow
Writing by Ebru Sengul Cevrioglu
Anadolu Agency
energy@aa.com.tr
