Copyright © 2024

The work of Euromaidan Press is supported by the International Renaissance Foundation

When referencing our materials, please include an active hyperlink to the Euromaidan Press material and a maximum 500-character extract of the story. To reprint anything longer, written permission must be acquired from [email protected].

Privacy and Cookie Policies.

June sees 4-month low in Russian oil export earnings

Russia’s oil export revenues fell to $16.7 billion in June, a 4-month low, due to decreased crude and petroleum product exports, yet annual earnings increased by nearly 23%, Bloomberg says.
ukraine hits russia's port kavkaz targeting oil terminal ferry crossing russian depot krasnodar krai's temryuk district after ukrainian attack 31 may 2024 photos telegram/astra
Russian oil depot in Krasnodar Krai’s Temryuk district after a Ukrainian attack on 31 May 2024. Photos via Telegram/Astra.
June sees 4-month low in Russian oil export earnings

Russia’s oil export revenues have fallen to their lowest level since February, reaching $16.7 billion in June, according to the International Energy Agency (IEA). This represents a 1.2% decrease from the previous month, as reported by Bloomberg.

Amid Russia’s ongoing invasion of Ukraine, its fossil fuel profits fuel Putin’s war machine. The EU banned maritime transport of Russian crude oil and petroleum products starting December 2022, and February 2023, respectively. G7 finance ministers implemented a price cap on these products in September 2022 to cut Russia’s war funding. As a result, Russian oil production fell 11% in 2023. Recently, US officials proposed targeting aging oil tankers that circumvent Western sanctions, to further disrupt Russian oil deliveries.

The decline in revenue is attributed to slightly lower shipment volumes. The IEA’s monthly report, published on 11 July, indicates that Russian crude oil and petroleum product exports in June fell to 7.6 million barrels a day, down from 7.7 million barrels a day in May.

Despite the monthly decline, Russia’s oil export earnings have seen a significant year-on-year increase, jumping nearly 23% compared to June of the previous year.

Sanctioned Russian billionaires continue to profit despite restrictions

The average weighted price of Russian crude in June slightly increased to $70.39 per barrel from $70.05 in May. However, this price increase was not sufficient to offset the impact of lower export flows.

The oil industry remains a crucial source of revenue for the Russian budget, which has been burdened with higher military and social spending due to the ongoing invasion of Ukraine, now in its third year.

According to the Russian Finance Ministry’s data, oil taxes brought in approximately $6.7 billion for the Russian budget in June, almost 50% more than a year ago. However, compared to May, revenues declined by 6.6% due to a lower pricing of Urals, Russia’s key export blend.


You could close this page. Or you could join our community and help us produce more materials like this.  We keep our reporting open and accessible to everyone because we believe in the power of free information. This is why our small, cost-effective team depends on the support of readers like you to bring deliver timely news, quality analysis, and on-the-ground reports about Russia's war against Ukraine and Ukraine's struggle to build a democratic society. A little bit goes a long way: for as little as the cost of one cup of coffee a month, you can help build bridges between Ukraine and the rest of the world, plus become a co-creator and vote for topics we should cover next. Become a patron or see other ways to support. Become a Patron!

To suggest a correction or clarification, write to us here

You can also highlight the text and press Ctrl + Enter

Please leave your suggestions or corrections here

    Will the West continue to support Ukraine?
    • Know what moves the world.
    • Premium journalism from across Europe.
    • Tailored to your needs, translated into English.
    Special discount
    for Euromaidan Press readers
    Euromaidan Press

    We are an independent media outlet that relies solely on advertising revenue to sustain itself. We do not endorse or promote any products or services for financial gain. Therefore, we kindly ask for your support by disabling your ad blocker. Your assistance helps us continue providing quality content. Thank you!

    Related Posts