Russia’s additional oil and natural gas revenues fell below estimates, reaching 259 billion rubles (approx. $4.2 billion) in July, the Ministry of Finance of Russia reported Wednesday.
This result means that the extra revenue was 74.7 billion rubles lower than projections, according to the ministry.
The estimate for August revenue is 359 billion rubles (approx. $6 billion).
The ministry announced that additional revenue from the country’s oil and natural gas exports would not be added to reserves this year due to sanctions but would be used to support the economy.
The drop in revenue could be linked to measures taken by the EU to distance themselves from Russian oil and gas.
EU envoys approved the bloc’s sixth sanctions package against Russia, with measures including a partial oil embargo on June 2.
The sanctions package covers a ban on Russian seaborne oil imports, which could cut 92% of Russia oil trade into the bloc by the end of this year.
EU countries also reached a political agreement on July 26 to cut gas use by 15% through next winter ahead of possible cuts from Russia.
Source: Anadolu Agency