The Economic Times

Oil exports have been a cash cow for Russia. But revenues are dwindling, thanks to sanctions

Russia's oil and gas income has dropped sharply. New sanctions from the U.S. and European Union are impacting revenue. President Putin is borrowing from banks and increasing taxes. This is straining Russia's war economy. Economic growth is slowing. Inflation remains a concern. Russia's oil exports face new challenges. Buyers demand larger discounts for Russian oil.