Russia’s oil and gas revenues are expected to fall by 37% in July, as the US allows sanctions to be tightened.

Due to declining oil prices and a strengthening Russian currency, Moscow’s income from July’s hydrocarbon sales will drop by roughly 37% compared to the same period last year, reaching ₽680B ($8.66B). Russia’s profits from oil and gas sales from January to July could decrease by 20%, totaling ₽5.4T.

Additionally, following the implementation of the EU’s 18th sanctions package against Russia, a second tanker has refused to load fuel from the Indian oil refinery Nayara Energy, which is partially owned by Russian Rosneft and is now under restrictions. The vessel Chang Hang Xing Yun plans to load about 35,000 tons of diesel fuel, not in India but in Kuwait.

Meanwhile, India’s Reliance Industries, which owns the world’s largest oil refining complex, has started seeking a replacement for Russian oil.

In turn, US Ambassador to NATO Matthew Whitaker stated that China must be held accountable for “subsidizing” Russia’s war against Ukraine. He drew attention to the fact that Washington will impose secondary sanctions on countries purchasing Russian oil if Moscow does not reach a peace deal with Ukraine by early September.

US Energy Secretary Chris Wright also confirmed that the introduction of secondary sanctions to end the war in Ukraine is “a very real possibility” and that it will put “tremendous pressure on Russia.”