Lowest figure since 2023: Russia lost a third of oil revenues

Russian oil revenues fell to a two-year low in June due to lower global crude oil prices and a strengthening ruble.

This was reported in Bloomberg.

Based on data from the Russian Ministry of Finance, oil revenues fell by almost 30% to 415.6 billion rubles, the lowest figure since June 2023.

Russia’s total revenues from taxes on the sale of energy resources decreased by a third compared to 2024. They amounted to almost 500 billion rubles, which is the lowest figure since January 2023.

The Russian Finance Ministry calculated June oil revenues based on the price of Russian Urals crude in May at $52.08 per barrel. This is the lowest price for the key export grade of Russian oil since March 2023.

The international ruble-dollar exchange rate also strengthened in May, trading at an average of 80 rubles per US dollar, the highest level in two years.

Because of this, Russian oil companies received only 4,190 rubles for each barrel sold, a level not seen since March 2023.

In late April, the Russian Finance Ministry revised its budget deficit expectations for this year, predicting a much larger deficit than previously thought as U.S. tariffs and increased OPEC+ supplies have led to a sharp drop in oil prices. The country is using its welfare fund, designed to stabilize the economy, to cover the deficit.

It was previously reported that the EU has postponed a plan to lower the price ceiling for Russian oil, given the risk of rising energy prices due to the conflict in the Middle East .

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