Oil and gas account for more than 50% of the Russian government’s revenue. The Russian finance ministry reported that Russia has a huge debt, of around $90 to $100 billion. This is the collateral damage of the oil prices. Crude oil prices have fallen by 60% since June 2014. A $1 drop in crude prices means a fall of $2 billion in Russia’s income.

The EIA (U.S. Energy Information and Administration) reported that Russia exported 7.3 MMbpd (million barrels per day) of crude oil and other liquids in 2014. Russia’s major oil producers are Rosneft, LUKOIL, and Surgutneftegas.