Oil and gas revenues of the Russian budget fall by half for the fourth consecutive month
Revenues of the Russian budget from oil and gas have been declining for several months in a row. In March, they fell by approximately 43% compared to last year and amounted to about 617 billion rubles (about 7.7 billion dollars). This follows from the report of the Russian Ministry of Finance, writes The Moscow Times.
Illustrative photo. Photo: Sefa Karacan/Anadolu via Getty Images
The main taxes that bring money to the budget have also significantly decreased. For example, the mineral extraction tax fell by almost half, and export duties — by approximately a quarter.
This trend continues for the fourth consecutive month: in previous months, there was also an almost twofold decrease in revenues compared to last year. As a result, in the first quarter, the Russian budget received significantly less funds than before.
The main reason is low oil prices, on which these revenues depend. Although there are sometimes fluctuations and even price increases, on average they remain lower than those budgeted. Also, Russian export capabilities are limited by imposed sanctions and constant strikes by the Armed Forces of Ukraine on fuel infrastructure.
Experts note that in the future, revenues may partially recover if raw material prices rise. But overall, the situation remains unstable and the Russian budget is experiencing a significant shortage of funds compared to plans.
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