FALLOUT: 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 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.