In January, Russian oil exports and the revenues generated from them reached their lowest point since the start of Moscow's full-scale war in Ukraine in February 2022. According to a report from Reuters citing the International Energy Agency (IEA), the exports of Russian crude oil fell by 410,000 barrels per day in February compared to January, totaling 4.2 million barrels per day. This decline is attributed largely to decreased exports to India following calls from the U.S. for India to halt cooperation with Russia, significantly impacting Russian trade relations.

In addition to the export drops, Russian oil revenues from exports have seen a significant decrease as well, plummeting by $1.5 billion in February alone, resulting in total revenues of $9.5 billion for the month. The IEA noted that the overall production of Russian crude oil also declined, falling by 710,000 barrels per day to an average of 8.6 million barrels daily. This series of declines highlights the growing economic pressures on Russia due to international sanctions and the ongoing conflict in Ukraine.

With these developments, the impact on the Russian economy is becoming increasingly pronounced as sanctions by Western nations take effect. The reductions in both exports and revenues suggest that circumstances could worsen if the current trends continue, putting more strain on Russia's economy amidst its ongoing military operations in Ukraine.