Free Republic

Russia's oil and gas tax revenue, which accounts for around a fifth of ​total budget income, increased by 32.4% year-on-year in May ​to 678.9 billion roubles ($9.3 billion), Finance Ministry data showed ⁠on Wednesday, thanks to a global oil price rally fuelled ​by the Middle East war. Revenue declined by 20.7% from April, when ​the budget received additional payments from profit-based tax, paid cyclically. Russia, the world's third-largest oil producer and exporter after the U.S. and Saudi Arabia, ​has been one of the main beneficiaries of the rise in ​oil prices after the U.S.-Israeli war in Iran began at the...

Ukrainian drones on Wednesday attacked St. Petersburg, Russia’s second-largest city, on the opening day of an annual economic conference that President Vladimir V. Putin has tried to cultivate into a showcase of a modern and prosperous country. It was the second time in a month that Ukraine had struck a major Russian city before an event important to Mr. Putin, as Kyiv expands a campaign of long-range strikes aimed at inflicting economic damage on Russia and demonstrating its vulnerability to attacks. In early May, Ukrainian forces hit sites in Moscow, including a high-rise apartment building near the city center, days...