MOSCOW, January 11. /TASS/. Russia’s federal budget revenues from the oil and gas sector amounted to 8.82 trillion rubles ($99 bln), which is 822 bln rubles higher than the base amount (8 trillion rubles). The total decrease in oil and gas revenues compared with 2022 equaled 23.9%, the ministry said in a statement on its website.

"Oil and gas revenues amounted to 8.822 trillion rubles, having substantially surpassed their base amount of 8 trillion rubles per year. Additional oil and gas revenues stood at 822 bln rubles. The total decrease in oil and gas revenues by 23.9% compared with 2022 is due to the high comparison base of the previous year, a decline in Urals oil prices at the beginning of the year, falling prices and the contraction of the volumes of natural gas exports," the statement reads.

The accumulation of extra oil and gas revenues during the periods of favorable price environment and the use of the funds of the National Wealth Fund (NWF) for covering the shortfall in oil and gas revenues in accordance with the fiscal rule’s parameters ensures the immunity of the budget system to fluctuations in the flow of oil and gas revenues.

Russia’s non-oil and gas revenues exceeded the target by more than 3.1 trillion rubles in 2023, reaching 20.3 trillion rubles ($228 bln). Compared with 2022, non-oil and gas revenues rose by 25%, according to the statement.