Oil and gas revenues are up nearly 80% from last year, helped by rising prices as well as a one-time tax payment from oil companies.
Russia reported a sharp rise in profits in the first quarter, thanks in part to a one-time tax payment and rising oil prices. Bloomberg reported this on Monday, April 8.
The Russian Ministry of Finance notes that there is a “sustained positive trend” in the flow of money to the federal budget. Revenues for the three months reached 8.7 trillion. rubles ($94 billion), which is 53.5% more than the same period last year.
Financial receipts from non-energy industries grew 43% year-on-year, the Finance Ministry said, including “one-time” payments from foreign companies leaving Russia.
And revenues from oil and gas sales rose nearly 80% compared to last year, helped by rising prices as well as a one-time tax payment from oil companies.
Earlier it was reported that the oil and gas revenues of the Russian Federation almost doubled in the year.
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.