The Russian economy ministry has downgraded its forecasts for the country's crude oil export prices for the next three years to $65 per barrel, according to an updated outlook seen by Reuters on Tuesday.

The forecasts, used to compile the federal budget, were cut from previous estimates of $71.3 per barrel for 2024, $70.1 for 2025 and $70 for 2026.

Russia has faced myriad sanctions from the West over the conflict in Ukraine, including restrictions on Russian oil purchases as well as a price cap of $60 per barrel.

The downward revision is likely to put more pressure on Russia's budget, which saw a shortfall of $6.56 billion, or 0.3% of gross domestic product, in the first quarter.

Still, oil and gas revenue was 79.1% higher in the first three months of 2024 than a year earlier, supported by high commodity prices.

(Reporting by Reuters; Editing by Kirsten Donovan)