Russia’s oil-export revenue fell to lowest in more than a year in February as buyers of the nation’s barrels largely complied with price caps and sanctions, according to the International Energy Agency.
The flow of money into the country from international oil sales fell to $11.6 billion last month, down more than 40% from a year earlier, according to the IEA. February crude oil and product exports averaged 7.5 million barrels a day, the lowest since September, the agency estimated.
“Although it has been relatively successful in sustaining volumes, Russia’s oil revenue has taken a hit,” the IEA said on Wednesday in its monthly report.
Western countries and their allies have taken a number of steps to reduce Russia’s oil proceeds, a key source of revenue for the national budget, in order to limit the Kremlin’s ability to finance its war in Ukraine.