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Oil and gas revenues of Russian federal budget up 82% in January-April — finance ministry

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 ministry noted

MOSCOW, May 13. /TASS/. Russia’s federal budget revenues from the oil and gas sector amounted to 4.2 trillion rubles ($45.7 bln) in January-April 2024, which is 82.2% higher than in the same period last year, the Finance Ministry reported on its website.

"Oil and gas revenues amounted to 4.157 trillion rubles, having surpassed the amount in the same period last year (+82.2%), 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.

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 ministry added.

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, the ministry noted.

Non-oil and gas revenues of Russia’s budget increased by 36.8% in January-April 2024 year-on-year to 7.5 trillion rubles ($81 bln), according to the ministry.

"Non-oil and gas federal budget revenues amounted to 7.526 trillion rubles, having increased by 36.8% year-on-year. Revenues from turnover taxes, including VAT, rose by 25.3% in January-April compared with last year (+30.7% in April) and exceeded the planned level, which forms a stable basis for further outstripping growth of revenues," the report said.

The volume and trajectory of largest non-oil and gas tax revenues in the first four months of 2024 is indicative of the fact that the built-in dynamics as the budget law was formed has been seriously surpassed, the ministry stressed.

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