Key facts
- Russia's payouts to refiners in May were near the highest in over two years.
- These payouts have dented the nation's oil and gas revenues.
- Crude prices were boosted by the war in Iran.
Russia's payouts to domestic refiners in May reached levels not seen in over two years. This significant outflow has negatively impacted the country's overall oil and gas revenues. The situation occurred even as global crude prices saw an increase, partly attributed to the ongoing conflict in Iran. The high payouts suggest a continued effort to support domestic refining operations despite the fiscal strain.