Russia was able to redirect oil exports from Europe to India and China, ensuring financial flows for its budget.
Russia’s revenues from oil and gas sales rose more than half year over year in June, to $9.4 billion. Reuters writes about it.
It is noted that oil and gas revenues are the most important source of money for the Russian Federation, accounting for half of the total federal budget revenues.
The agency’s calculations show that by the end of June, Russia’s revenues from oil and gas sales will reach 814 billion rubles ($9.4 billion), compared to 794 billion rubles in May and 529 billion rubles in June 2023.
It is expected that subsidies to Russian oil refineries from the budget will be reduced by 60 billion rubles from May. In particular, we are talking about payments that encourage refineries to sell their products on the domestic market instead of exporting them at a higher price.
Reuters says Russia has managed to redirect oil exports from Europe to India and China, providing much-needed cash flows for its deficit budget as the aggressor country spends more big on the war against Ukraine.
Let’s recall that in May, Russia for the first time in almost two years surpassed the United States and became the largest gas supplier in Europe. Russian gas last month accounted for 15% of total supplies to the EU, the UK, Switzerland, Serbia, Bosnia and Herzegovina and North Macedonia.
As reported, Russia’s oil and gas industry is facing labor shortages as economic mobilization for war and the demographic crisis exacerbate the personnel crisis.
Source: korrespondent
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