The Russian government paid US$2.8 billion in May to oil refiners, nearly five times more than a year earlier, to compensate for the difference between domestic fuel prices and global market rates. These payments have reduced Russia's oil and gas revenues despite higher global oil prices driven by the war in Iran.

Russia paid oil refiners US$2.8 billion in May, nearly five times more than a year earlier.

These payments partly compensate refineries for the difference between motor fuel prices in Russia and abroad.

Strikes on refineries have pushed Russia's refining volumes to their lowest level in more than 16 years.

The Russian government imposed a ban on jet fuel exports and restrictions on petrol.

Ukrainian drone strikes have pushed Russian oil processing to its lowest level since 2009.