MOSCOW, February 7. /TASS/. Russia’s federal budget revenues from the oil and gas sector amounted to 675 bln rubles ($7.4 bln) in January 2024, which is 58.7% higher than in the same period last year, the Finance Ministry said in a statement on its website.

"Oil and gas revenues amounted to 675 bln rubles, having substantially surpassed the amount in the same period last year (by 58.7% year-on-year), largely due to growth of prices for Russian oil. Meanwhile oil and gas revenues this January were at a level slightly lower than their base amount due to deviation of monthly physical volumes from projected figures. In accordance with parameters of the social and economic development outlook a stable excess of oil and gas revenues over their base amount is expected in coming months," the statement reads.

Russia’s non-oil and gas federal budget revenues climbed by 84.8% in January year-on-year to 1.721 trillion rubles ($18.9 bln).

"Non-oil and gas revenues of the federal budget amounted to 1.721 trillion rubles, up by 84.8% year-on-year compared with reduced level of major non-oil and gas budget revenues last January," the ministry said.