Russia lost over $15 billion in oil and gas revenue in the first quarter of 2023 – but that gaping hole in the Kremlin's budget can be filled over the next few months, according to Russian President Vladimir Putin. Putin has rebuffed those sanctions as "stupid," and Russia has responded by slashing its oil production by half a million barrels per day. Putin has rebuffed those sanctions as "stupid," and Russia has responded by slashing its oil production by half a million barrels per day