Russia's oil and gas revenue rises 32% y/y to $9.26 billion in May, data shows

Russia's oil and gas tax revenue, which accounts for around a fifth of ​total budget income, increased by 32.4% year-on-year in May ​to 678.9 billion roubles ($9.3 billion), Finance Ministry data showed ⁠on Wednesday, thanks to a global oil price rally fuelled ​by the Middle East war. Revenue declined by 20.7% from April, when ​the budget received additional payments from profit-based tax, paid cyclically. Russia, the world's third-largest oil producer and exporter after the U.S. and Saudi Arabia, ​has been one of the main beneficiaries of the rise in ​oil prices after the U.S.-Israeli war in Iran began at the...