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Russia’s oil and gas revenues in June fell by a quarter year-on-year, as the decline in export earnings weakens the country’s currency.

Total energy revenues have fallen by almost 50 percent since the start of the year to 3.38 billion Rbs ($37.3 billion), according to Finance Ministry data, reflecting the impact of Western sanctions on Russian exports and Russia’s inability to compensate for the loss of the European gas market.

As export earnings fall, the ruble has weakened to a 15-month low against the dollar.

“Cash flow in Russia is drying up, and capital outflows are increasing,”[ads1]; said Alexandra Prokopenko, a visiting fellow at the German Council on Foreign Relations. “All of this is a direct consequence of the sanctions.”