Russia depended on oil and gas sales for 68% of its export revenue in 2013, according to a report this week by the U.S. Energy Information Administration, using data from Russia’s Federal Customs Service. Energy exports totalled US$356 billion last year, with Europe receiving the largest share. “Although Russia exports less crude oil and less natural gas than it consumes domestically, domestic sales of crude oil and natural gas are much lower in value than exports because of vertical integration of the oil and natural gas industry and subsidized domestic prices,” US EIA notes. Russia recently signed a 30-year, US$400-billion deal to sell Eastern Siberian natural gas to China.
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