Crude’s Drop, Strong Ruble Cut Russian Oil Revenue to 2-Year Low

Russia’s oil revenue in June slumped to a two-year low as global crude prices fell and the ruble strengthened, meaning each barrel brought fewer rubles to the Kremlin.

Proceeds from the oil industry shrank by almost 30% to 415.6 billion rubles ($5.27 billion), according to Bloomberg calculations based on Finance Ministry data published Thursday. That’s the lowest since June 2023.