By Kyiv School of Economics The decline in Russian oil export revenues is driven by lower global oil prices, not enhanced sanctions enforcement. While the discount on Russian oil remained stable, the reduced revenues reflect less favourable external conditions. External environment provides macroeconomic stability. Russia’s current account returned to a surplus in August, reaching $40.5bn for the first eight months of 2024, ~40% higher than the same period in 2023. The 2024 surplus is projected at $60bn, up from $51bn in 2023, but it is expected to decline in 2025-26 due to falling global oil …