Russia's income from energy hit a 14-month low in August as Moscow dumps discounted oil

Russia's oil and gas revenue fell to a 14-month low in August due to sanctions.

According to data from the Kremlin's Finance Ministry, energy income last month was the lowest since June of 2021. August's drop is a decrease from July and a decrease from a year ago.

Even as the price of Russia's Urals crude increased, revenue declined.

Western sanctions have forced Russia to sell its oil at much lower prices. Russia used to sell to a mostly European market, but now sells to Asian buyers.

Gas deliveries to Europe have been slashed by the state-run giant, and it said gas wouldn't come back until sanctions were lifted.

If the G7's plan to Russian oil prices gets enough support from top customers in Asia, the bleeding in energy revenue will continue.

Russian President Vladimir Putin is threatening to stop exporting crude to countries that are participating in the price cap.