Russia's Oil Revenues Fell by 60% in August

Net revenues to the Russian budget from oil extraction in August amounted to 326.2 billion rubles, the lowest figure since February. Compared to August of last year, revenues fell by 22%, while month-on-month, the decline exceeded 60%. Total oil and gas revenues decreased by 16% year-on-year to 424 billion rubles. Oil and gas revenues account for about 20% of all budget revenues and are the main source of funding for military operations. The drop in revenues is attributed to two factors: the decline in oil prices, with August revenues calculated at a price of Urals slightly above $59 per barrel, and an increase in subsidies for oil refineries, which exceeded 197 billion rubles in August. To curb the deficit in the domestic market, Moscow has banned most exports of gasoline and diesel fuel and increased imports of petroleum products. Putin has urged Russians to prepare for a prolonged gasoline shortage.

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