Russian gas export revenues slump 40% m/m in June

Russian gas export revenues slumped almost 40% month on month in June, according to Federal Tax Service data cited by the Moscow-based Vedomosti newspaper on July 26, highlighting the impact on Russian finances that Gazprom's recent cutbacks in supply to Europe are having.

Gazprom has already reduced gas sales to Europe to a record low, and supplies are due to decline even further when flow via the Nord Stream pipeline is cut even further to only 20% of capacity on July 27. While much of the attention has been on the impact this is having on European energy markets, Russia is also taking a financial hit from these cutbacks.

According to Vedomosti, tax data shows that Russian gas export revenues dropped to only 633bn rubles ($10.4bn) in June, down from around 1 trillion rubles in the previous month.