Russia's revenues from oil and gas increased by 82% compared to last year

Energy revenues of the Russian budget for the four months of 2024 amounted to RUB 4.157 trillion (approx. US$45.3 billion), which is 82% more compared to the same period in 2023. At the same time, the Ministry of Finance of the Russian Federation reported that they used the funds of the NWF (the National Welfare Fund) to cover the shortage of profits.

Source: Russia’s Finance Ministry, as reported by Kommersant

Details: The Russian Federation's Ministry of Finance explains the income increase as a result of high oil prices, as well as filling the shortage of oil and gas profits at the expense of the NWF. The Russian edition of Kommersant says that current tax receipts, including VAT, climbed by 25.4% between January and April compared to the previous year.

In April, oil and gas revenues of the federal budget of the Russian Federation for the third month in a row exceeded the base level, amounting to RUB 1.2 trillion. The number from this year is defined by the oil cut-off price of US$60 per barrel, set by Western countries in response to Russian aggression as a "price ceiling" – in April, the Russian Ministry of Finance estimated it as RUB 1.152 trillion.

Background: 

Russian oil giant Gazprom has endured historic losses over the last 25 years, but the Kremlin intends to tax one of the country's major state-owned enterprises even more.

The Russian Ministry of Energy has requested that the government temporarily suspend the ban on petrol exports, which was imposed in March 2024, following a series of attacks on Russian refineries.

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