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Russia’s oil and gas budget revenues up 79% in Q1 to $31 bln — finance ministry

Russia’s non-oil and gas budget revenues rose by 43.2% in Q1 to 5.8 trillion rubles ($62.6 bln)

MOSCOW, April 8. /TASS/. Russia’s federal budget revenues from the oil and gas sector amounted to 2.9 trillion rubles ($31.3 bln) in Q1 2024, which is 79.1% higher than in the same period last year, the Finance Ministry reported on its website.

"Oil and gas revenues amounted to 2.928 trillion rubles, having surpassed the amount in the same period last year (by 79.1% year-on-year), largely due to growth of prices for Russian oil, as well as nonrecurrent receipt in February of additional payment on MET (mineral extraction tax) on oil for Q4 2023 related to changes in legislation regarding refund of excise duty on petroleum feedstock," the report said.

Meanwhile oil and gas revenues were at a level exceeding their base amount, and in accordance with parameters of the social and economic development outlook a stable excess of oil and gas revenues over their base amount is also expected in coming months," the statement reads.

Russia’s non-oil and gas budget revenues rose by 43.2% in Q1 to 5.8 trillion rubles ($62.6 bln).

"Non-oil and gas revenues of the federal budget amounted to 5.791 trillion rubles, up by 43.2% year-on-year compared with reduced comparison base in the same period last year," the ministry said.

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