Oil and gas revenues of Russian budget fall 26.3%

The federal budget of the Russian Federation for January-October 2023 received 7.21 trillion rubles ($78.3 billion) in oil and gas revenues, which is 26.3% lower than a year earlier, Report informs referring to the website of the Ministry of Finance of the Russian Federation.

“Oil and gas revenues amounted to 7.210 trillion rubles and decreased by 26.3% year-on-year, which is due to the high comparison base of last year, a decrease in prices for Urals oil at the beginning of the year, lower prices and a reduction in natural gas export volumes,” reads the message.

At the same time, the Ministry of Finance noted that “the monthly dynamics of oil and gas revenues remains at a level significantly exceeding their base size (8 trillion rubles per year).”

In October 2023, the volume of oil and gas revenues exceeded last year’s level by more than 27%, the ministry noted.

The Ministry of Finance of the Russian Federation indicated that the accumulation of additional oil and gas revenues during periods of favorable price conditions and the use of funds from the National Welfare Fund (NWF) to cover lost oil and gas revenues in accordance with the parameters of the “budget rule” ensures the stability of the budget system to fluctuations in the receipt of oil and gas revenues.