Russia’s revenues from the sale of energy resources rose in the first half of this year to 5.7 trillion rubles, equivalent to about $64 billion, according to a report released by the Russian Ministry of Finance.

 

The volume of oil and gas revenues from January to June increased by 68.5% compared to the same period in 2023. Revenues also exceeded expectations by 700 billion rubles in the first half of this year, it stated.

 

The report attributed this rise mainly to the high prices of Russian “Urals” oil, as it was sold at prices higher than the cap imposed by the West, which was $60 per barrel, it added.