Value of Russia’s Oil Exports Hits Two-Year Low in Budget Blow

Tumbling oil prices dragged the value of Russia’s crude exports to the lowest in more than two years, forcing the Kremlin to consider tightening its key budget-building mechanism while the war in Ukraine continues to drain state coffers.

Total shipments in the four weeks to May 4 were worth about $4.96 billion; that was $220 million, or 4%, less than the period to April 27. The drop, which took export values to the lowest since April 2023, reflected a sharp market-led decline in weekly average prices, which slumped below $50 a barrel for cargoes from Russia’s Baltic ports in the latest seven-day period.

Amid sliding global prices, ...