Revenue from oil and gas sales, critical to Russia’s commodity-driven economy, rose 7.5% year-on-year.
Russian state oil and gas revenues in September increased by 15% in September compared to the previous month – to 739.9 billion rubles. ($7.44 billion). This was reported by Reuters with reference to data from the Russian Ministry of Finance.
It is known that the reason is an increase in income from the mineral extraction tax.
Revenue from oil and gas sales, crucial to Russia’s commodity-driven economy, also rose 7.5% from the same month in 2022. This was broadly in line with preliminary Reuters calculations.
Oil and gas revenues for the entire period from January to September decreased by 34.5%, to RUB 5.576 trillion, year-on-year.
Russian energy revenues have fallen due to Western sanctions such as price caps and an embargo on seaborne oil exports, as well as the closure of the Nord Stream gas pipeline in Europe, which has exploded in September 2022.
Total severance tax revenue rose to 1.09 trillion in September. rubles from 874.8 billion rubles in August due to rising commodity prices.
Payments to oil refineries under the so-called “damper mechanism” – introduced to prevent companies profiting from high fuel export prices and protect the domestic market – rose to RUB 298.7 billion last month . from 185.9 billion rubles. in August.
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These payments will stop from next month as the government tries to overcome its budget shortfall.
The proposed removal of damper charges contributed to fuel shortages, forcing the government to impose a ban on fuel exports on September 21.
The elimination of payments is likely to significantly boost oil and gas revenues next month.
Budget subsidies to oil refining companies from the Reverse Excise Tax on Oil also increased to 138.9 billion rubles. last month at 113.8 billion rubles. in August.
Russia’s Finance Ministry has budgeted for a 23% drop in oil and gas revenues this year, to 8.94 trillion rubles. The budget deficit is expected to reach nearly 3 trillion rubles, or 2% of gross domestic product (GDP).
Let’s remember that in July, Russia’s oil and gas revenue fell by almost 50%.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.