Russia oil and gas revenues fall 22 percent in September

Russian oil and gas revenues fell by 22 percent in September compared to the same month last year, according to financial data from the Russian Ministry of Finance. Total revenues for the month reached approximately 5.43 billion dollars.

The decline is attributed to several factors, including increased subsidies provided to domestic refineries to bridge the gap between local fuel costs and international market prices. These subsidies rose from 2.37 billion dollars in August to 3.67 billion dollars in September, offsetting gains in mineral resource tax revenues.

Additionally, Ukrainian drone attacks have reportedly disabled more than half of Russia's refining capacity. Over the first three quarters of the year, total oil and gas revenues amounted to roughly 65.64 billion dollars, representing a 17.2 percent decrease compared to the same period in the previous year.