Russia's revenues from oil and natural gas fell by 27% year-over-year in July, totaling 787.3 billion rubles (about $9.8 billion), the Russian Finance Ministry announced on Monday.

In a statement, the ministry reported that oil and gas revenues for the January-July period totaled 5.52 trillion rubles, representing an 18.5% decline from the same period in 2024.

Oil and natural gas income in July decreased by 27% compared to July 2024, exceeding initial forecasts for the month, the ministry said.

On July 16, Russian Energy Minister Sergey Tsivilev said the country's oil production in the first five months of the year fell by 3.5% to 211 million tons compared to the same period last year, while natural gas production dropped 3% to 290 billion cubic meters (bcm).