Russia's oil and gas budget revenue up 3.8% in Jan/Dec

Credit: REUTERS/REUTERS PHOTOGRAPHER

MOSCOW, Feb 5 (Reuters) - Proceeds from oil and gas sales for Russia's federal budget rose 3.8% in January from December to 675.2 billion roubles ($7.47 billion), finance ministry data showed on Monday, amid a lower damper payments.

The oil and gas revenue, which accounts for around a third of total budget proceedings, jumped by 59% from January 2023.

The damper payments - a form of subsidy to oil refineries meant to encourage them to sell their product on the domestic market instead of exporting it for a higher price - declined in January to 146.6 billion roubles from 258.2 billion in December.

At the same time, mineral extraction tax (MET) proceeds dropped in January to 878.4 billion roubles, the lowest since August.

Russia's crude oil and oil product exports duties have been scrapped since the start of 2024 in accordance with the changes to the tariff law, while the rate of MET has been raised in order to compensate for the shortfall.

For 2024 as a whole, the Russian government had budgeted for federal revenue of 11.5 trillion roubles from oil and gas sales, a 30% increase from 8.82 trillion roubles in 2023, when the proceeds declined by 24% due weaker oil prices and plummeting gas sales due to the Western sanctions.

($1 = 90.4300 roubles)

(Reporting by Darya Korsunskaya; writing by Vladimir Soldatkin; editing by David Evans)

((vladimir.soldatkin@thomsonreuters.com; twitter: @vsoldatkin;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tags

More Related Articles

Info icon

This data feed is not available at this time.

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.