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Russia’s oil and gas budget revenues up 68.5% in January-June to $64 bln — ministry

Considering changes in the social and economic development outlook, amendments to the federal law on the budget suggest a certain decline in the estimation of additional oil and gas revenues in 2024, the ministry noted

MOSCOW, July 9. /TASS/. Russia’s federal budget revenues from the oil and gas sector climbed by 68.5% in January-June year-on-year to 5.7 trillion rubles ($64.8 bln), the Finance Ministry reported on its website.

"Oil and gas revenues amounted to 5.698 trillion rubles, having surpassed the amount in the same period last year (by 68.5% year-on-year), largely due to growth of prices for Russian oil. 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," according to the ministry.

That said, considering changes in the social and economic development outlook, amendments to the federal law on the budget suggest a certain decline in the estimation of additional oil and gas revenues (directed to the National Wealth Fund at the end of the year) in 2024, the ministry noted.

"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 report said.

Non-oil and gas revenues of Russia’s federal budget increased by 26.6% in January-June 2024 year-on-year to 11.4 trillion rubles ($129.6 bln), the ministry added.

"Non-oil and gas revenues of the federal budget amounted to 11.395 trillion rubles, having increased by 26.6% compared with the same period last year. Turnover taxes, including VAT, rose by 17.6% in January-June, exceeding the planned level, which creates a stable basis for further advanced growth of revenues. Considering an upgrade of the economic activity outlook and the actual trajectory of major taxes received, amendments to the federal law on the budget suggest a respective increase in non-oil and gas revenues," according to the ministry.

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