Russia's Oil and Gas Revenues Soar in February, Funding War Effort Ahead of Putin's Expected Re-Election

Russia's oil and gas revenues jumped over 80% year-over-year in February 2023, raking in $10.4 billion
The boost came from Russia applying a higher tax rate on domestic oil producers
Russia pivoted oil exports to India, China after EU tried reducing its dependence on Russian energy
Higher revenues help fund Russia's war in Ukraine and social spending ahead of March 2023 presidential elections
Putin expected to win re-election despite war dragging on, with West tightening sanctions to pressure Russia