In the heyday of Russian oil discoveries and rising energy demand, Russia would rake in quite a profit, filling its government coffers with cold hard cash from its energy windfall. Today, its budget is funded by oil and gas to the tune of 35 percent. Without that income, Russia would have a deficit of close to 10 percent. Oil exports are in decline, as are gas exports to Europe. Oil production at traditional fields is in decline. Same with gas. New fields won’t make up for it with their average one to two percent growth rate.
Rapoza, K. (2012) Is Russia Ready For Life After Oil? [online], Available:http://www.forbes.com/sites/kenrapoza/2012/10/03/is-russia-ready-for-life-after-oil/