Last month, Russia -related oil taxes reduced by about 33% to 710.4 billion rubles.
Russian state budget oil revenues have been reduced by a third compared to last July due to the collapse of oil prices in the world and strengthening national currency. Bloomberg reported this on Tuesday, August 5.
According to Bloomberg, based on the data of the Ministry of Finance of the Russian Federation, Russian taxes related to oil, last month, decreased nearly 33% to 710.4 billion rubles ($ 8.9 billion). Total revenue from oil and gas costs 787.3 billion rubles, which is 27% less than the corresponding period of last year.
The reduction in revenue from the raw material sector, which provides about a third of all Russian Federation revenues, improves budget pressure, which is already experiencing a significant load due to the costs for war against Ukraine.
And despite the increase of 71% in a monthly scale (the fact that the income tax explained quarterly), the average price of Russian oils in June was $ 59.84 per barrel – 14% less than a year before.
In addition to the low world prices, an additional factor in the collapse of the ruble income is the strengthening of the national currency of the Russian Federation. In June, the average Ruble exchange rate in the dollar reached 78.72 – the highest level in more than two years. As a result, oil companies received only 4,711 rubles per barrel, compared to 6,127 rubles a year ago.
The reduction in oil prices and oil products allows the Russian Federation government to reduce subsidies that it pays for Russian oil refinement plants. In July, Rosbüt moved 59.9 billion rubles of subsidies, 58% less than a year ago.
Deliveries could be greater pressure: US President Donald Trump threatened to introduce a second role against Russia.
As you know, foreign oil tanks are temporarily not allowed to load to the main black ports of the Russian sea due to new policies.
We added that the Russian Federation could lose $ 19 billion due to a new ceiling of oil prices. The new European Union penalties, which include a flexible ceiling of prices for Russian oil, can remove Russian budget of every fifth ruble of planned oil and gas income.
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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.