Russia's oil and natural gas revenues declined by 38% to 4.8 trillion Russian rubles ($50 billion) during the first eight months of the year due to lower prices and sale volumes, the Russian Ministry of Finance reported Tuesday.
The country's oil and gas revenues in August also fell by almost 20% month on month to average 642.7 billion rubles ($6.6 billion), the ministry said.
EU member states agreed last December to impose a cap price of $60 per barrel on oil delivered by sea from Russia.
On Feb. 5, a similar ban was imposed on refined petroleum products, with a price cap of $60 per barrel.
Russia, however, announced that it would stop oil shipments to countries imposing a price cap and instead direct its exports to Asian markets, particularly China and India, at huge discounts.
US$1 equals 97.4 rubles at 14.53 local time (1153 GMT) on Tuesday.
Reporting by Emre Gurkan Abay in Moscow
Writing by Sibel Morrow
energy@aa.com.tr