Credit: Freepik

Cheaper oil and Ukraine are hurting Russia's budget.

According to new figures from the Russian finance ministry this week, the summer budget surplus practically vanished.

Credit: Freepik

By August, the surplus had reduced from $1.37 trillion, or $23 billion, to $137 billion, or $2.3 billion.

Credit: Freepik

Incomes are jeopardized. Since reaching a high point at the beginning of June, the price of Brent oil, which is the European benchmark, has fallen by around 25 percent.

Credit: Freepik

In comparison to the role that oil has had in the entire economy of Russia, natural gas has never played a substantial role.

Credit: Freepik

Even before the December implementation of the European Union's ban on Russian oil imports by sea and the planned price cap from the Group of Seven,

Credit: Freepik

This is a significant setback for the industry. Even though natural gas prices in Europe have stayed at unusually high levels,

Credit: Freepik

Gazprom said last week that Russian gas shipments to the European Union and the United Kingdom have plunged by 49 percent since the beginning of the year.

Credit: Freepik

Inside look

Inside look

Inside look

Inside look

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