Bloomberg: Russia's Oil Revenues Collapsed By A Third In July

This was due to the decline in global crude oil prices.

In July, Russia's oil revenues fell by a third year-on-year. This was due to the decline in global crude oil prices.

This is reported by Bloomberg.

Taxes from oil in Russia in July fell by almost 33% to 710.4 billion rubles (about $8.9 billion). In total, revenues from oil and gas amounted to 787.3 billion rubles, down 27% from a year ago. These industries provide about a third of all budget revenues, and their decline is adding to the strain on state finances, especially against the backdrop of huge spending on the war.

With Western sanctions and threats of new restrictions from the US, Russia's oil industry continues to lose profits. The European Union will lower the price ceiling on Russian oil, and U.S. President Donald Trump has threatened sanctions against countries that buy Russian energy.

At the same time, oil revenues rose 71% year-on-year in July, according to Bloomberg calculations. This is due to the fact that one of the main taxes is paid quarterly. Oil revenues were calculated based on June's Urals price of $59.84 per barrel. Despite the growth, this is still 14% lower than a year ago.

Revenues also decreased due to the strengthening of the ruble: in June, the exchange rate averaged 78.7 rubles per dollar - the maximum for two years. As a result, oilmen received 4,711 rubles (about 58 dollars) per barrel, compared to 6,127 rubles (about 76 dollars) a year ago.

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