Russian revenues from oil and gas sales increased by 41%

Revenues from Russia’s oil and gas sales increased by approximately 41% year-on-year in the first half of the year, reaching $65.12 billion, due to rising oil prices and a weakening ruble.

This information was reported by Reuters.

Revenues from oil and gas sales are a crucial source of foreign currency for the Kremlin. Over the past decade, energy sales have accounted for between one-third to half of Russia’s total budget revenues. The war in Ukraine prompted the West to impose numerous sanctions aimed at curbing significant Russian oil and gas revenues.

However, during the first half of the year, the average price for Russia’s flagship Urals crude oil blend was $69.1 per barrel, exceeding the Western-imposed price cap of $60, compared to $52.5 in the same period of 2023.

It is worth noting that in May, Russia overtook the United States for the first time in nearly two years to become the largest gas supplier to Europe. Last month, Russian gas accounted for 15% of all supplies to the EU, the United Kingdom, Switzerland, Serbia, Bosnia and Herzegovina and North Macedonia.