Russia’s Oil Revenues in November Took a Hit Amid Crude Slump
- Revenues fell around 21% from a year ago to 605 billion rubles
- Oil below $60/bbl may become an issue for Russia: central bank
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The Kremlin’s oil revenues in November fell from a year earlier for a second consecutive month, spurred by lower prices for the nation’s crude.
Russia’s oil-related taxes, a key source of financing for Russia’s war against Ukraine, generated 605.2 billion rubles ($5.8 billion) for the budget last month, down around 21% from a year ago, according to Bloomberg calculations based on finance ministry data published Wednesday.