While Russian oil companies are breaking export records and Russian Railways reports an improvement in shipments of coal and metals abroad, the inflow of foreign currency revenue in Russia seems to be rapidly decreasing, official books show.

The April 2023 review of financial markets risks by Russia’s Central Bank says the largest exporters sold only 7 billion US dollars on the exchange, which is 40% less than in March and 54% lower than the figures in December. 

The price of Russian Urals oil sharply increased in April, according to the Finance Ministry in Moscow, reaching 58.63 USD compared to 47.85 USD in March, and the discount to Brent narrowed to 25 USD, although it climbed to 35 USD and higher during the winter.

Maritime export volumes accounted for 3.5 million barrels per day, the highest since the start of the war in February 2022. And yet the amount of international currency available in the market has not increased, but was exceptionally low, the bank noted. The reason for this paradox lies in payment difficulties.

"The decrease in export revenue sales [...] is partly associated with delays in receiving foreign funds for already shipped goods under the conditions of sanctions and their subsequent arrival on the Russian market," the regulator explained.

One example is the accumulation of revenues in Indian rupees. Over the past year, India has increased Russian oil purchases more than 30-fold and is now the largest buyer of Russian oil. It actually takes every second barrel shipped by tankers from Russian ports, according to the MoscowTimes. 

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As of now, the oil trade bypassing the dollar resulted in billions of Indian rupees being stuck in accounts in Indian banks, and vending parties have very limited options of using that money. Even Russian Foreign Minister Sergey Lavrov complained last week in New Delhi that "It's a problem" and "These rupees need to be converted into another currency."

Russian traders have also accumulated a considerable amount of Chinese yuan, which are used to buy Chinese goods.

Early this month, Reuters too reported that Russia's revenues from oil and gas exports fell sharply in April, by 64%. It also said Russia and India suspended talks on payments in rupees, as Moscow preferred to be paid in Chinese currency. 

Russia spends around 372 million US dollars a day for its war in Ukraine, according to Janis Kluge, a researcher at German’s International Security Institute.