The Russian Central Bank said today, Thursday, that the value of Russian exports fell 35% year on year in the first quarter of 2023, partly due to the price ceiling imposed by Western countries on some Russian oil products.
A decline in exports and an increase in imports pushed the Russian ruble this month to its lowest level in more than a year, while a decline in export taxes and fees, most of which come from oil and gas, led to an increase in the Russian budget deficit this year and a decrease in the current account surplus, according to the report. Reuters.
“The cost of oil exports has declined due to lower prices and because of the embargo and price ceiling imposed by a group of countries on Russian oil and Russian oil products,” the central bank said in a report.
The report stated that the price of Brent crude averaged $81 per barrel in the first quarter, down 18% year-on-year.
The bank added, “Russian oil prices fell further, and the discount on it widened compared to Brent crude, for reasons including the price ceiling.”