Russia energy revenues drop 17.2% as drone strikes cut refining to 20-year low

Russian federal oil and gas revenues fell 17.2% despite high global oil prices, as Ukrainian drone attacks reduced refining throughput to a 20-year low. Moscow extended export limits, while a stronger ruble and heavy fuel subsidies offset potential gains. The revenue decline signals sustained damage to Russia's key income source, though the impact on global supply is mitigated by export restrictions.

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