Russia Sees Oil & Gas Tax Revenue Shed 36% In May ...Middle East

Lower crude oil prices, Western sanctions and European push for energy independence combined to shave 36% off Russia’s oil and gas tax collection for last month, compared to a year ago, Bloomberg reports, citing the Russian Finance Ministry. Crude oil and oil products, which accounted for some 75% of Moscow’s total hydrocarbon revenues in May, saw a 31% drop in budget proceeds for Moscow compared to a year ago based on calculations made by Bloomberg using Finance Ministry data. Bloomberg notes that Russian Urals crude was selling for…

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