Alfa Bankestimates that this could result in a budget shortfall of nearly 3 trillion rubles in oil and gas revenue this year. Last year, they plummeted by 24%, reaching their lowest level since the pandemic (8.4 trillion rubles). However, every $10 drop in oil prices relative to the budget level deprives the government of 1.5-1.8 trillion rubles, according to Alfa Bank estimates. According to Reuters calculations, the treasury will collect the lowest oil and gas taxes in January since May 2020—half the amount collected in the same month a year earlier. He estimates that this year’s budget deficit could be 1.5 times higher than planned—approximately 5.2 trillion rubles.