Russia’s Oil Revenues Jumped 50% Year-on-Year in June

Higher prices for Russia’s flagship crude grade Urals boosted the Russian government's revenues from oil in June with proceeds rising by nearly 50% from a year earlier, Bloomberg estimated on Wednesday in calculations based on data from the Russian finance ministry. The annual jump in Russia’s revenues from the oil industry suggests that Russian producers have adapted to the Western sanctions and are selling their crude to willing buyers at higher prices. In June, oil-related taxes for the Russian budget surged to $6.67 billion…