Russia's oil and gas revenue crashed by nearly 50% at the start of 2023, leading to a wider budget deficit as Moscow's spending soars

• Russia logged a nearly 50% drop in oil and gas revenue in January, contributing to a wider budget deficit. 
• Moscow's spending surged by nearly 60% as the war against Ukraine ordered by Russian President Vladimir Putin neared the one-year mark. 
• Russia has been selling foreign currency reserves to help make up the budget shortfall. 

A slide in Russian revenue from oil and gas clashed against the Kremlin ramping up spending on its nearly year-long war against Ukraine, resulting in a wider budget deficit for the country in January.