The budget of the Russian Federation received a record oil and gas revenue from April 2022 – 1.64 trillion rubles.
Oil and gas revenues of the Russian federal budget increased to 1.64 trillion rubles in October. This is 2.2 times more than the previous month and is the highest monthly figure since April 2022, The Moscow Times wrote.
According to the Russian Ministry of Finance, this amount also exceeded the preliminary forecast of 37.8 billion rubles.
The increase in Russian budget revenues was influenced by the rise in world oil prices and the fall of the ruble, savings on subsidies to fuel suppliers in the domestic market and the peculiarities of the tax payment schedule.
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In particular, the average price for Russian Urals oil, used to calculate taxes and duties, according to official data from the Ministry of Finance, was $81.52 per barrel in October. At the same time, in mid-October the dollar was worth more than 100 rubles and only at the end of the month it dropped to 93 rubles.
In addition, in October it is time to pay the tax on additional income, paid quarterly.
At the same time, the Russian budget saved money on paying compensation to Russian oil companies for contained prices in the domestic market, because the increase in exchange prices for fuel exceeded the threshold established for the payment of the so-called damper. In August and September, damper payments reached 186 billion and 299 billion rubles, respectively.
Oil prices remain high, so the Ministry of Finance of Russia expects that oil and gas revenues in November will exceed the baseline level by 583.3 billion rubles. This year, the base level varies from month to month, usually within the range of 650–680 billion rubles.
In January-October, Russia’s oil and gas revenues reached 7.2 trillion. rub. Because of this, the annual revenue plan, set at 8 trillion rubles, is likely to be fulfilled after 11 months.
Let’s recall that earlier the G7 countries and their allies postponed the revision of the price limit scheme for Russian oil, despite the fact that Russian raw materials are trading above the limit. And in the USA in general they said that the “price ceiling” on Russian oil is working.
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.