Russia’s Oil Revenue Falls by Third on Weak Prices, Strong Ruble

Russia’s proceeds from oil in the state budget shrank by a third from a year ago in July following a drop in global crude prices and the appreciation of the nation’s currency.

Oil-related taxes declined by almost 33% to 710.4 billion rubles ($8.9 billion) last month, according to Bloomberg calculations based on Finance Ministry data published Tuesday. Combined oil and gas revenue totaled 787.3 billion rubles, down by 27%, the data showed.