Russian crude oil exports have reached their highest level since 2022, with weekly revenue from crude oil exports averaging 2.58 billion dollars on October 4, up from about 900 million dollars per week at the beginning of the year—a nearly 200% increase. The volume of crude exports reached 3.8 million barrels per day at the start of October, returning to levels seen in August after a decline in September. This increase is largely due to a decrease in refining activity within Russia, which has been affected by Ukrainian strikes. The damage to refining facilities has forced Moscow to focus more on exporting crude oil, as it can no longer process large quantities domestically. The rise in the price of Urals crude, a benchmark for Russian oil, has also contributed to higher revenue for Moscow. Despite regular attacks on its energy infrastructure, Russia is benefiting from strong demand from India and China, while supplies from the Gulf remain limited, though they are expected to recover soon. This dynamic has allowed Russia to maintain relatively high oil prices, even as its refining capacity has been reduced. In September, the Russian government provided the largest subsidy to oil companies since April 2022, amounting to 305 billion rubles (about 3.2 billion euros). These subsidies are crucial for oil producers and refiners, who are dealing with frequent shutdowns and maintenance work due to ongoing damage from Ukrainian attacks. However, these financial supports significantly reduce the state’s revenue from the oil sector. Since the start of the year, the Russian Treasury has collected 5,470 billion rubles in oil and gas revenues, which is 17% less than the same period in the previous year. Despite this, the price of the Urals crude barrel has reached its highest level since February 2022, around 120 dollars. This has allowed some buyers, particularly Indian refiners, to purchase Urals crude at a price higher than that of Brent crude, a major global benchmark.