Russia’s oil revenues fell by a third in November

Russia’s federal budget revenues from oil and gas in November will decrease by 0.43 trillion. rub. (36%) and will reach 0.78 trillion rubles compared to 1.21 trillion rubles in October. This is stated in the calculations of Reuters.

As the calculations show, compared to November 2023, revenues in November 2024 appear to have decreased by RUB 0.18 trillion, or 19%.

Oil revenues are the most important source of funds for the Kremlin, accounting for between a third and a half of all federal budget revenues over the past decade.

According to Reuters estimates, the main increase in income in October was due to tax payments based on oil income in the amount of 492 billion rubles.

Overall, revenues in the oil and gas sector in January-November should grow by 26% – up to 10.3 trillion rubles.

Overall, for 2024, the Russian government has budgeted revenues to the federal budget in the amount of 10.7 trillion. rubles from the sale of oil and gas, which is 21% more than in 2023, when lower oil prices and lower gas exports reduced revenues by 24%.

The target for 2024 was revised down compared to the original plans – 11.5 trillion rubles.

Recall that Russia has significantly increased military spending since the start of its full-scale invasion of Ukraine in February 2022, leading to two consecutive annual deficits exceeding 3 trillion rubles.

As reported, the UK has imposed sanctions on 30 tankers from Russia’s “shadow fleet” carrying billions of pounds worth of oil and petroleum products. This is the largest sanctions package of its kind.