Russia's gas revenues down 29 pct in first four months of 2016

Russian gas revenues in the first four months of the year plunged 29 percent year on year to 10.78 billion U.S. dollars, the Federal Customs Service said Wednesday.

However, the volume of gas exports from Russia in the four-month period stood at 66.2 billion cubic meters, an increase of 11.4 percent compared with the same period last year, it said.

Russia exported 185.5 billion cubic meters of gas in 2015.

The country is heavily dependent on oil and gas exports for fiscal revenues but it is making efforts to diversify its economy. Endi