Russia’s Oil Revenue Dented by Strong Ruble as Prices Jump

Russia is barely benefiting from the recent surge in oil prices because of its strengthening currency, keeping the Kremlin’s revenue under pressure.

As hostilities between Iran and Israel lifted global oil prices, Russia’s Urals crude rose to more than $60 a barrel on June 13, according to data from Argus Media Ltd. That meant it had recovered all but 10% of its losses since the start of the year.