(Bloomberg) -- Russia’s oil-export revenue shrank to $15.3 billion in September, the lowest so far this year, amid falling crude exports and prices, according to the International Energy Agency.

That’s a drop of $3.2 billion, or 17.3% from a month earlier, the IEA said in its monthly Oil Market Report. A drop in crude exports of 260,000 barrels a day contributed to the steepest decline in Russia’s revenue this year, the agency estimated. 

Revenues “were still higher than the average monthly revenue in 2021,” which was $14.9 billion, it said.

The European Union will halt all seaborne imports of Russia’s crude and most of pipeline flows from Dec. 5 in condemnation of Russia’s invasion of Ukraine. From Feb. 5, an EU ban on Russian oil-product shipments will also take effect. 

In September, Russia’s daily flows of crude oil and products to the EU decreased by 390,000 barrels to 2.6 million barrels. The share of the European market in the nation’s total exports fell to just 35% compared to 50% at the start of the year, the IEA said. 

Another blow for Russia’s revenue came from lower crude prices. In September, the average price for benchmark Urals crude fell 8.7% from a month earlier to $68.65 a barrel, according to Russia’s Finance Ministry. 

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