Putin says Russia lost $15 billion in oil and gas revenue last quarter, but thinks the hole can be filled in the next few months

• Russia lost over $15 billion in oil and gas revenue over the past quarter.
• But that hole in the Kremlin's budget can be filled, President Putin said this week.
• Academics have criticized Putin for misrepresenting the state of Russia's economy.

Russia lost over $15 billion in oil and gas revenue in the first quarter of 2023 – but that gaping hole in the Kremlin's budget can be filled over the next few months, according to Russian President Vladimir Putin. 

At a televised government meeting on Tuesday, Putin said Russia's oil and gas revenue fell by $15.8 billion in the first quarter amid tightening Western sanctions following Moscow's invasion of Ukraine last year.