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 for Moscow’s war on Ukraine.
Saudi Arabia’s just-announced production cuts won’t do much to lift prices on Russian export, which have their prices capped by sanctions.