Russia's Crude Oil Exports Show Little Sign Of Slowing, But Energy Revenue Is Tumbling

Russian President Vladimir Putin.GAVRIIL GRIGOROV/SPUTNIK/AFP via Getty Images Russian crude exports rebounded sharply last week to the highest in nearly two months. But the Kremlin's revenue from oil and gas taxes sank 26% in June from a year ago. These taxes account for a third of Moscow's budget, which is strained by the Ukraine war. Russian exports of crude oil surged to a seven-week high last week, but such gains have not been enough to alleviate sliding energy tax revenue.According to vessel-tracking data monitored by Bloomberg, the seven days to July 2 saw seaborne outflows jump to 1.3 million barrel a day, rebounding from a maintenance-caused lull in the prior week and lifting the four-week average to 3.39 million barrels a day.But Russia's finance ministry said oil and gas tax proceeds dropped by 26% in June from a year ago to about 529 billion rubles, or $5.84 billion, extending a decline that began in March.