Russia's Oil Revenue Sinks Amid Global Price Slump

Russia's oil revenue has plummeted to its lowest level since February, according to recent data from Russia's tax authority. The country collected 326.2 billion rubles (approximately $3.76 billion) in net oil revenue in August, down by 22% compared to the same period last year.

The decrease is attributed to a sharp drop in global oil prices, with Urals, Russia's main export grade, averaging almost $59 per barrel in August. This is significantly lower than the spring average of nearly $95 per barrel.

Total Russian oil and gas revenue fell by 16% year over year in August to 424 billion rubles. Oil and gas provide around one-fifth of federal budget revenue.