[Russian oil and gas revenue fell by more than 1/3 in May] Russia's oil and gas revenue fell by more than 1/3 in May, and the fall in crude oil prices under Western sanctions has had an impact on the decline in European gas exports. Oil and gas account for about 1/3 of Russia's fiscal revenue. Tax budget revenue from oil and gas fell 36 per cent year-on-year to 570.7 billion rubles ($7 billion), according to figures released by Russia's finance ministry on Monday. Revenues from crude oil and oil products, which accounted for 75 per cent of energy tax revenues in May, fell 31 per cent to 425.8 billion roubles, according to Bloomberg calculations. Natural gas revenues fell nearly 46 per cent in May from a year earlier to 145 billion roubles, with an increase in mineral mining tax revenues failing to make up for the loss of export tariffs. Natural gas export tariff revenues fell 81 per cent to 38.3 billion rubles after Gazprom reduced pipeline gas supplies to Europe, which has traditionally been its largest market. (Bloomberg)