Russia's oil and gas revenue plunged in May as sanctions and dwindling exports weigh on Moscow's energy trade
According to the country's Finance Ministry, last month's revenue from oil and gas taxes sank 36% from a year ago to 570.7 billion rubles, or about $7 billion.
Revenue from crude and petroleum products slid 31% to 425.8 billion rubles, while gas revenue plummeted 46% 145 billion rubles. That's despite higher income from a mineral extraction tax on gas, which was not enough to cover export duty losses. Proceeds from the two commodities make up around a third of Russia's budget, which is already under pressure from spending forPlunging revenue is the result of Western sanctions on oil products, which were implemented as a punitive measure on Russia for its Ukraine invasion, and have forced Moscow to sell its crude toAs retaliation, Russia cut off gas supplies to Europe, its largest market.
In the face of falling revenue, the Kremlin introduced a new tax mechanism in April on Russia's own energy companies that bases their tax rate on the higher-priced Brent crude benchmark, minus a fixed discount. over the long term, as it takes away the industry's ability to finance future development.
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