Russia’s oil-export revenue contracted to $17.7 billion in August, the lowest since at least March, as a decline in crude prices more than offset higher supplies abroad, according to the International Energy Agency. That’s a drop of $1.2 billion from a month earlier, even as Russia’s daily crude and oil products exports rose by 220,000 barrels to 7.6 million barrels, the IEA estimated. “Russian oil revenues may take a further hit when EU sanctions on Russian oil imports go into effect starting from December,” the IEA said in its monthly report on Wednesday. The European Union is set to halt most crude purchases from Russia from Dec. 5, aiming to reduce the flow of petrodollars to the Kremlin after its invasion of Ukraine. From Feb. 5, an EU ban on Russian oil-product shipments takes effect. Another blow to Russia’s oil-export revenues could come from the price cap […]