Mikhail Klimentyev/AP
- Russia's oil and gas revenue tumbled by 45% in the first three months of 2023 amid sanctions.
- Meanwhile, the ruble is coming off its worst week against the dollar in a year.
- A recent paper said Russia's recession in 2022 was actually twice as bad as official data implied.
As Moscow navigates its second year of its war on Ukraine, the Russian economy continues to stumble with plunging oil and gas export revenues and a weakening currency.
Through the first quarter of 2023, the country's energy revenues tumbled 45% year over year to $19.6 billion as crude prices declined and gas exports sank.