Export revenues dropped 30% compared to an all-time high recorded in 2022, the regulator estimated Russian export revenues dropped by almost a third in 2023, according to the preliminary assessment released by the Bank of Russia, which cites a decline in prices for crude oil as one of the key reasons for the decrease.

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Oil prices will jump to $300 a barrel if the West abandons Russian oil, the country’s Deputy Prime Minister and former energy minister Alexander Novak said on Monday, adding that “some see it possibly reaching $500 a barrel.”