Russia to lose 41% of energy revenues in 7 months

Russian energy revenues fell by 41.4 percent in the first seven months of this year, economic data show, coinciding the country’s budget surplus last year flipped to a deficit since the beginning of 2023.

The Russian Ministry of Finance added that the reduction in energy revenues considers as a result to lower Ural crude prices and natural gas exports, both directly affected by Western sanctions on Russia.

Russia’s budget deficit from January to July increased to 2.82 trillion roubles ($29.3 billion) or 1.8 percent of GDP, the finance ministry said on Tuesday, citing preliminary estimates.