Russia's oil and gas revenues halved in 2 months of this year

Russia's oil and gas revenues amounted to RUB 521 billion [roughly US$3,982,165,000] in February, compared to RUB 424 billion [roughly US$3,240,764,000] in January. Within 2 months, the revenues amounted to RUB 947 billion [roughly US$ 7,238,216,000] and decreased by 46.4% year-on-year.

Source: Ministry of Finance of the Russian Federation

Details: The tax on gas extraction increased to RUB 121 billion [roughly US$924,840,000] in February (86% year-over-year). This was due to a one-time tax payment from Gazprom [Russian multinational energy corporation] in the amount of RUB 50 billion [roughly US$382,165,000] per month.

This year's basic oil and gas revenues in Russia are expected to reach RUB 8 trillion [roughly US$61,150,500,000], but due to losses, they will no longer exceed RUB 6 trillion [roughly US$45,860,870,000].

To compensate for these losses, the Ministry of Finance sells yuans and gold from the National Welfare Fund, and the Central Bank of Russia mirrors these transactions by selling yuans on the exchange.

Russia’s Ministry of Finance received RUB 54.5 billion [roughly US$416,560,000] from the National Wealth Fund, and in February – RUB 160.2 billion [roughly US$1,224,458,000]. The Ministry of Finance expects that in March it will not receive 132.1 billion roubles [roughly US$1,009,681,000] in oil and gas revenues.

Taking into account the overdraft in February, March withdrawals from the National Welfare Fund will amount to RUB 119.8 billion [roughly US$915,668,000]. In addition, from 7 March to 6 April, the Russian central bank will sell RUB 5.4 billion [roughly US$41,273,000] worth of yuan per day.

Background: Russia's oil and gas export revenues fell by almost 40% in January as price caps and Western sanctions cut into revenues.

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