Russian Oil and Gas Revenues Surge by 50% in June

In a significant rebound, Russia's oil and gas revenues for June are projected to increase by over 50% year-on-year, reaching $9.4 billion, according to new Reuters calculations. This surge comes after a reduction in refinery subsidies, highlighting Russia's resilience in the face of Western sanctions aimed at its energy sector. The redirection of oil exports to India and China has played a crucial role in maintaining financial inflows, essential for a budget under pressure from increased defense spending. Despite the ongoing conflict in Ukraine…