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Russian oil and gas revenues falling in January-July 2023, Finance Ministry says

According to the ministry, the revenues amounted to 4.2 bln rubles

MOSCOW, August 8. /TASS/. Oil and gas revenues of the Russian budget declined by 41.4% year on year to 4.2 trillion rubles ($43.4 bln) in January-July 2023, the Finance Ministry said on its website.

"Oil and gas revenues amounted to 4.2 bln rubles and plummeted by 41.4% year on year, which is due to the high comparison base of the prior year, the decline in Urals oil blend prices and the reduction of natural gas export volumes," the ministry informed.

The clarification to the mechanism of determining the fiscal base for oil taxes and the contraction of relevant price discounts will continue contributing to further growth of fiscal receipts in the second half of this year, the ministry noted.