Russia’s income from oil and gas in June fell by a quarter year on year, as the decline in export revenues weakens its currency.
Total energy revenues have decreased by almost 50 per cent since the start of the year to Rbs3.38tn ($37.3bn), according to data from the Ministry of Finance, which reflects the impact of western sanctions on Russian exports and Russia’s inability to compensate for the loss of the European gas market.
As export revenues fall, the rouble has weakened to a 15-month low against the dollar.
“The cash flow in Russia is drying up, and capital outflow is increasing,” said Alexandra Prokopenko, a visiting fellow at the German Council on Foreign Relations. “All of this is a direct consequence of the sanctions.”