Russia's Oil Revenue Plummets

  Published 1 year ago

Russia's oil and gas revenues significantly declined by 35% in May, hitting 512.7 billion roubles, due to lower prices and sanctions. This impacts the budget and funding for the Ukraine operation, leading to increased deficit forecasts.

  • Revenue down 35% year on year in May.
  • Russia opposed OPEC+ oil output hikes.
  • 2025 deficit estimate raised to 1.7% of GDP.
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