According to Bloomberg, which made calculations based on Russian government data, “proceeds for the Russian budget from oil-related taxes jumped to 1.053 trillion rubles ($11.5 billion) last month compared to nearly 497 billion rubles in April 2023.”
All in all, another failure of Western sanctions. The so-called price cap on Russian oil has not worked. Russian oil was sold at $70.34 per barrel (Urals price), despite the price cap at $60. The higher revenue in rubles must however discount a 20% devaluation of the ruble.
