The Inevitable Decline Of Russia’s Oil Industry 

Despite the severe oil production cuts expected in Russia this year, tax revenue will increase significantly to more than $180 billion due to the spike in oil prices, Rystad Energy research shows. This is 45% and 181% higher than in 2021 and 2020, respectively. Russia’s progressive tax system means that taxes increase in line with higher oil price ranges. With the oil and gas sector remaining the keystone of the country’s economy and with Western sanctions over the invasion of Ukraine starting to mount up, Russia is looking east for…