Russia's energy revenues hit 14-month low

Russia’s energy revenues have fallen to their lowest level in more than a year as it cuts gas flows to Europe and sanctions force the country to sell oil at a discount. The country’s energy revenues have fallen as some European buyers have refused to buy oil from Russia, prompting Russia to sell cheap oil to the Asian market. According to the Finance Ministry, the country’s oil and gas revenues fell to 671.9 billion rubles ($11.1 billion) in August. That was the lowest level since June 2021. Revenues fell by about 13 percent from July. The annual decline was 3.4 percent. Russian oil company Gazprom has drastically cut gas exports to Europe this summer. Russian leader Vladimir Putin could cut exports to the region entirely if the EU implements a price cap on natural gas from Russia, and the move could lead to further discounts for other buyers.